Firm that owns Worcester Warriors is sold on again
The firm that owns Worcester Warriors has been sold on again in the latest twist in the saga of the troubled rugby club.
Loxwood Holdings, the company's owner, said it had done this to preserve the continued trading operation of the stadium, and at the same time support active steps to help return elite level rugby as Worcester Warriors.
Loxwood said a new company would then attempt to drive things forward with support from the local business community, several of whom have become shareholders in the new group.”
Initially entering administration in 2022, the men’s team have never taken to the pitch since.
While Atlas was named as the new owner in May 2023 in a £2m deal, it failed to complete a further £1m payment to revive the club, and control soon passed to Wasps owner Christopher Holland when Atlas failed to pay back a £1.5m loan to his firm.
In a statement released on Thursday, Mr Holland said due to Atlas being insolvent, the stadium faced the real possibility of closure, but a "pre-packaged administration" had seen Atlas's sale to a new consortium.
By default, Mr Holland's Loxwood Holdings own 97% of Atlas Worcester Warriors and the firm has revealed it is putting the company into administration.
In a statement exclusively given to BBC Hereford & Worcester, the company said Loxwood Holdings had stepped in to financially assist Atlas Worcester Warriors in completing its purchase of the former Worcester Warriors Rugby club from administrators.
The new Atlas Worcester Warriors consortium comprises Total Compliance Solutions (TCS), an American-based medical company; Atlas Sportstech Ltd; former player James Sandford; and the Warriors’ former chief executive Jim O’Toole.
Mr Holland said the group, funded by Loxwood, ultimately hoped to return elite rugby to Sixways.
The new consortium is understood to have taken over the ownership of the stadium, associated chattels and intellectual property, including the Warriors' brand.
Mr Holland added there would be no disruption to continuing stadium operations, with it currently hosting football matches for ninth-tier Worcester Raiders and Worcester City Women teams.
Loxwood Holdings' financial assistance was only intended to be short-term, the statement added, to help the recovery of Worcester Warriors and to allow Wasps a short-term option to play at Sixways Stadium.
"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." the statement continued.
"As a result, Atlas has entered into an insolvency process."
Reformed women's team
The statement said Loxwood was left with the choice of liquidating Atlas - which could have resulted in the closure of the stadium - or seeking another solution, through a pre-packaged administration process.
It said Loxwood's aim had always been to protect and recover elite level rugby, in a sustainable way, firstly for Wasps and now at Worcester under the name Worcester Warriors.
The strategy was now to form a new group of companies, it said, with support from local businesses - several of whom have now become shareholders in the group.
The company will employ all existing staff and expand operations at the stadium, it added.
It has pledged all existing and ongoing events will continue uninterrupted.
The statement also said there had been dialogue with the RFU and the Championship - including giving formal notice to the RFU of the intent to return Worcester Warriors to the second tier of English rugby.
Bosses are also exploring other opportunities to play competitive professional rugby at an elite level, including the possibility of a reformed women’s team.
'Positive step forward'
"We would hope that the community will flood back to Sixways under its new ownership and support what is an amazing sporting and conference and events facility," the statement said.
Director James Sandford said: "Having set out on this journey nearly two years ago in seeking to revive Worcester Warriors at Sixways, I am pleased to have played a part in introducing new ownership to support the realisation of this goal alongside the incredibly deserving staff at Sixways.
"I see this new structure as a positive step forward for both the club and community of Worcester and will, if asked, continue to support the new owner's efforts in bringing elite level rugby back to Sixways in both the men’s and women's game.”
In a statement, Atlas Sportstech said: “Sportstech resigned as a corporate director virtually a month ago [from Atlas], so it would not be appropriate to make any comment.”
So far, the other minority shareholders in the consortium, TCS and Jim O’Toole, have not commented publicly.
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