Administrators confirm Worcester Warriors takeover yet to complete
Worcester Warriors were sold to new owners Atlas for £2.05m, according to a report released by the club’s administrators Begbies Traynor, which also confirmed that the takeover is yet to complete in full.
The 38-page report into the progress being made by the administrators reported that Atlas Worcester Warriors – co-owned by Jim O’Toole and James Sandford – paid £2.05m for the Sixways stadium and the surrounding land.
But there is still a remaining £1m to be paid to complete the transaction and Begbies have told Atlas that the fee must be received by October 9.
The Atlas consortium purchased Worcester Warriors on May 3, with contracts signed and exchanged, but the money has not yet been paid in full.
Begbies were appointed at Warriors following the club being placed into administration in September 2022.
Atlas are now in a ‘pre-completion’ period and they have a license to continue trading at Sixways. They have lease agreements with three teams for the 2023-24 season – Worcester Raiders (non-league football), Worcester Warriors Women and Worcester City Women FC.
But there will be no mens rugby at Sixways this season.
Begbies are also seeking £1.8m payment for their work to find new owners for the club.