Consortium agrees takeover of Premiership rugby club
Worcester Warriors have been sold to a four man consortium led by finance specialist Errol Pope, who have already committed to keep the Premiership club at their Sixways ground, and to invest ‘millions of pounds’ to develop the club as a major force in rugby union.
The other members of the consortium are former Swindon Town chairman, Jed McCrory, ex-player Dave Seymour and financial consultant, Scott Priestnall. Neither party have disclosed the price of the deal.
The club has been on the market for over a year, as its current owners looked for a new buyer to save the ailing club, which last year posted a loss of over £8m, after their fourth consecutive season in the top flight. The previous club chairman Bill Bolsover, will remain on the board of the club, and the founder of the Warriors, Cecil Duckworth will continue as the club president. A sense of continuity is important, as Bolsover stressed when explaining the choice of new owners.
“Having met with numerous potential new owners and investors we have found long term owners who are capable of taking the club to the next level. Our search has been extensive and the whole process has been a thorough one to ensure we found the right owners who have the backing to take tis club forward. The new owners have that backing and, with it, a clear vision to ensure Warriors can achieve long-term success and become one of the top clubs in the Gallagher Premiership.”
Since last summer a number of potential purchasers have expressed interest in buying Worcester Warriors, including the Scottish Rugby Union, who explored the idea of buying Worcester, with a view to moving its operations north of the border. Other interested parties were said to include the former Saracens CEO, Ed Griffiths, but no other bids proved suitable, until Pope’s consortium emerged as winners.
Bolsover is confident that the board of the Warriors have made the right choice of owner, and he added:”They have shown that they have the capability and commitment to invest millions of pounds into Warriors to further develop the club. As a board, we believe the new owners have inherited a club with huge potential both on the pitch and commercially. The club is blessed with talented players, staff and coaches so we are all excited about the future.”
It was thought that the promotion of Bristol Bears would put the Warriors in danger of another relegation dog fight this season, but their recent win against Leicester, has given them renewed hope, which they need to see translate into points when they face their new west country rivals on Sunday at Sixways.
Harrison Clark Rickerbys advised Worcester on the deal, in a team led by Alison Scott.
