Worcester Warriors administrators extend exclusivity period
Administrators Begbies Traynor have extended the period of exclusivity on the sale of Worcester Warriors for a further two weeks.
The original period of exclusivity, in which a seller cannot deal with any party other than the prospective buyer regarding the sale of the business, was due to end on Wednesday November 30.
But the administrators, who have been in charge of the sale of the rugby club since September, have agreed to an extension of two weeks to give the consortium lead by Jim O’Toole and James Sandford more time to conclude the deal to purchase the club.
Julie Palmer, joint administrator, said: “Following a period during which the preferred bidder has been working at speed to complete the transaction to acquire the business and assets of Worcester Warriors; we are extending the period of exclusivity for a period of a further two weeks as originally anticipated.
“This remains a complex transaction with the focus of all relevant parties and stakeholders on ensuring a long-term viable future for the club.
“We still await the outcome on our appeal against relegation on the basis of no fault insolvency and also confirmation on the position of the P share from both the RFU and PRL. While the sale is not conditional on these outcomes, early clarity would assist us with the tight deadlines we are working to in order to rescue the club and ensure a playing squad can be rebuilt in good time for next season.”