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Sixways statement: Financial collapse of Worcester owners Atlas
Atlas Worcester Warriors have fallen into administration with Loxwood Holdings, the group company that owns Wasps, stepping in to take over the former Sixways-based Gallagher Premiership club.
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It was only last May when the Jim O’Toole and James Sandford Atlas consortium became owners of the Sixways-based club that hasn’t played since its suspension by the RFU in September 2022.
It has emerged that this deal only got over the line 11 months ago when Loxwood stepped in to provide financial assistance to Atlas so that they could complete their takeover deal with the administrators, Begbies Traynor.
This financial assistance was only supposed to be a short-term position. However, despite this funding including the means to meet the operational costs of the stadium, Atlas were unable to meet its ongoing financial obligations and it entered an insolvency process.
Rather than seek the liquidation of Atlas, which could have resulted in the closure of the stadium, Loxwood instead sought to arrange a pre-packaged administration process that would ensure the stadium’s continuous trading. A newly incorporated group of companies funded by Loxwood have now acquired the business and assets of Atlas.
Please see our response to the statement released by Loxwood Holdings and Chris Holland.https://t.co/PhsrWsvDbB
— Worcester Warriors Supporters Trust (@TrustWarriors) April 25, 2024
A Sixways Stadium statement read: “In May 2023, a group company that owns Wasps RFC stepped in to financially assist Atlas Worcester Warriors in completing the purchase of the former Worcester Warriors rugby club from its administrators.
“That financial assistance was only intended to be a short-term position to help and assist in the eventual recovery of Worcester Warriors and to allow Wasps a short-term option to play at Sixways Stadium in Worcester, as part of their committed and determined relocation to an eventual new stadium in Kent.
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“Unfortunately, despite Loxwood’s financial assistance, which included providing funding to meet the operational costs of the Stadium, Atlas was unable to meet its ongoing financial obligations and, as a result, Atlas has entered into an insolvency process.
“Given that the ultimate and stated aim of Loxwood has always been to protect and recover elite-level rugby in a sustainable way, we embarked on a strategy which involves forming a newly incorporated group of companies who have acquired the business and assets of Atlas.
“Facing this position, Loxwood were left with a difficult choice. Either seek the liquidation of Atlas which could have resulted in the closure of the Stadium or seek another solution, through a pre-packaged administration process.
“This would ensure the continued trading operation of the stadium, with funding being provided to energise the commercial operation and at the same time support active steps to preserve and return elite level rugby, as Worcester Warriors.
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“Elite level rugby is important to Worcester, and we have had proactive dialogue with the RFU and the Championship, including giving formal notice of the intent to return Worcester Warriors to the second tier of English rugby.”
When Atlas finally completed its transaction with the administrators last May, its owners claimed it would soon deliver its vision for rugby in the area.
A short statement to show our support around the good news regarding Worcester Warriors and Loxwood Holdings, showing a positive step in the right direction to Elite rugby to the city of Worcester!
We look forward to working together in the future! pic.twitter.com/FTPeDhYaXJ
— Worcester Warriors Foundation (@WarriorsCF) April 25, 2024
A statement at that time read: “Atlas WWRFC are delighted to confirm they have completed the transaction with the administrators and now look forward to delivering their vision for rugby, the business, and the wider community at Sixways.
“Atlas thank Begbies Traynor and their advisors for their collaborative approach, alongside the Warriors fans and wider rugby community for their patience and support.
“Atlas would also like to acknowledge the role of Aaron Harlow and his team at Shoosmiths in guiding us through this challenging and complex process from start to finish.
“A final special thanks and recognition must also go to the staff at Sixways who have kept the venue operation going successfully. Their tireless work continues to keep people employed whilst successfully delivering for a range of clients during challenging circumstances.
“Atlas acknowledges they have been quiet in the media until today, having been focused on the complexities of the deal and the various elements required to regenerate a sustainable business for the community of Worcester.
“They will announce the next fans forum date soon as they push forward to ensure a bright future for all at Sixways.”
Comments on RugbyPass
Ben Smith Springboks living rent free in his head 😊😂
67 Go to commentsGood to hear he would like to play the game at the highest level, I hadn’t been to sure how much of a motivator that was before now. Sadly he’s probably chosen the rugby club to go to. Try not to worry about all the input about how you should play rugby Joey and just try to emulate what you do on the league field and have fun. You’ll limit your game too much (well not really because he’s a standard athlete like SBW and he’ll still have enough) if you’re trying to make sure you can recycle the ball back etc. On the other hard, you can totally just try and recycle by looking to offload any and everywhere if you’re going to ground 😋
1 Go to commentsThis just proves that theres always a stat and a metric to use to justify your abilities and your success. Ben did it last week by creating an imaginary competition and now you did the same to counter his argument and espouse a new yardstick for success. Why not just use the current one and lets say the Boks have won 4 world cups making them the most successful world cup team. Outside of the world cup the All Blacks are the most successful team winning countless rugby championships and dominating the rankings with high win percentages. Over the last 4 years statistically the Irish are the best having the highest win rate and also having positive records against every tier 1 side. The most successful Northern team in the game has been England with a world cup title and the most six nations titles in history. The AB’s are the most dominant team in history with the highest win rate and 3 world cups. Lets not try to reinvent the wheel. Just be honest about the actual stats and what each team has been good at doing and that will be enough to define their level of success.
19 Go to commentsHow is 7’s played there? I’m surprised 10 or 11 man rugby hasn’t taken off. 7 just doesn’t fit the 15s dynamics (rules n field etc) but these other versions do.
7 Go to commentsPick Swinton at your peril A liability just like JWH from the Roosters Skelton ??? went missing at RWC
14 Go to commentsLike tennis, who have a ranking system, and I believe rugby too, just measure over each period preceding a world cup event who was the longest number one and that would be it. In tennis the number one player frequently is not the grand slam winner. I love and adore the All Blacks since the days of Ian Kirkpatrick when I was a kid in SA. And still do because they are the masters of running rugby and are gentleman on and off the field - in general. And in my opinion they have been the majority of the time the best rugby team in the world.
19 Go to commentsHaving overseas possessions in 2024 is absurd. These Frenchies should have to give the New Caledonians their freedom.
21 Go to commentsBell injured his foot didn’t he? Bring Tupou in he’ll deliver when it counts. Agree mostly but I would switch in the Reds number 8 Harry Wilson for Swinton and move Rob Valentini to 6 instead. Wilson is a clever player who reads the play, you can’t outmuscle the AB’s and Springboks, if you have any chance it’s by playing clever. Same goes for Paisami, he’s a little guy who doesn’t really trouble the likes of De Allende and Jordie Barrett. I’d rather play Carter Gordon at 12 and put Michael Lynagh’s boy at 10. That way you get a BMT type goalkicker at 10 and a playmaker at 12. Anyways, just my two cents as a Bok supporter.
14 Go to commentsThanks Brett, love your articles which are alway pertinent. It’s a difficult topic trying to have a panel adjudicating consistently penalties for red card issues. Many of the mitigating reasons raised are judged subjectively, hence the different outcomes. How to take away subjective opinions?
9 Go to commentsYes Sir! Surprising, just like Fraser would also have escaped sanction if he was a few inches lower, even if it was by accident that he missed! Has there really been talk about those sanctions or is this just sensational journalism? I stopped reading, so might have missed any notations.
9 Go to commentsAI is only as good as the information put in, the nuances of the sport, what you see out the corner of the eye, how you sum up in a split second the situation, yes the AI is a tool but will not help win games, more likely contribute to a loss, Rugby Players are not robots, all AI can do if offer a solution not the solution. AI will effect many sports, help train better golfers etc.
45 Go to commentsIt couldn’t have been Ryan Crotty. He wasn’t selected in either World Cup side - they chose Money Bill instead. And Money Bill only cared about himself, and that manager he had, not the team.
26 Go to commentsYawn 🥱 nobody would give a hoot about this new trophy. End of the day we just have to beat Ireland and NZ this year then they can finally shut up 🤐
19 Go to commentsTalking bout Ryan Crotty? Heard Crotty say in a interview once that SBW doesen't care about the team . He went on to say that whenever they lost a big game, SBW would be happy as if nothing happened, according to him someone who cares would look down.. Personally I think Crotty is in the wrong, not for feeling gutted but for expecting others 2 be like him… I have been a bad loser forever as it matters so much to me but good on you SBW for being able to see the bigger picture….
26 Go to commentsThis sounds like a WWE idea so Americans can also get excited about rugby, RUGBY NEEDS A INTERNATIONAL CALENDER .. The rugby Championship and Six Nations can be held at same time, top 3 of six nations and top 3 of Rugby championship (6 nations should include Georgia AND another qualifying country while Fiji, Japan and Samoa/Tonga qualifier should make out 6 Southern teams).. Scrap June internationals and year end tours. Have a Elite top six Cup and the Bottom 6 in a secondary comp….
19 Go to commentsThe rugby championship would be even stronger with Fiji in it… I know it doesen’t fit the long term plans of NZ or Aus but you are robbing a whole nation of being able to see their best players play for Fiji…. Every second player in NZ and AUS teams has Fijian surnames… shame on you!!! World rugby won’t step in either as France and England has now also joined in…. I guess where money is involved it will always be the poor countries missing out….
86 Go to commentsNo surprise there. How hard can it be to pick a ball off the ground and chuck it to a mate? 😂
3 Go to commentsSometimes people just like a moan mate!
9 Go to commentsexcellent idea ! rugby needs this 💪
19 Go to comments9 Brumbies! What a joke! The best performing team in Oz! Ditch Skelton for Swain or Neville. Ryan Lonergan ahead of McDermott any day! Best selection bolter is Toole … amazing player
14 Go to comments