WORCESTER Warriors has been purchased by the consortium led by its former chief executive Jim O'Toole and James Sandford.
Administrators Begbies Traynor confirm the process is now underway for the legalities to be completed with Atlas Worcester Warriors Rugby Football Club Limited.
READ MORE: RFU respond to Worcester Warriors takeover news
READ MORE: RGS pupil and daughter of former Warriors legend named in England squad
What next for @WorcsWarriors , the Atlas takeover & the new owners?
— Marcello Cossali-Francis (@Mcossalifrancis) February 2, 2023
The @RFU have confirmed their position. This includes comments from J Sandford, the RFU & what it all might mean. Deadline for Champ is Feb 14. But can Warriors go elsewhere? #COYW https://t.co/gWmyDRWIv7
A statement from administrator Julie Palmer read: "Following a complex process, we are now able to progress the sale of Worcester Warriors and associated assets to Atlas Worcester Warriors Rugby Football Club Limited ("Atlas").
"We can confirm that contracts have been exchanged with Atlas. This is an exclusive contractual position and Atlas are committed to completing this transaction as early as possible and will share with both the rugby community and local community their plans for the Club’s future.
"Due to the confidential nature of this transaction, we have been unable to provide this update any earlier but have appreciated the ongoing interest of supporters, staff and related organisations.
"We are delighted to see that there is a clear plan in place to deliver both rugby and many other exciting community-focused initiatives to Sixways befitting the fabulous facilities and which will entertain the extensive support base.
"We would also like to take this opportunity to congratulate the women’s team who are being readmitted to the Allianz Premier 15s next season."
This was the same bid that received preferred bidder status back in November of last year, but was later rejcted by the RFU due to a lack of information regarding funding of the bid.
But the American-backed consortium has again proved to be the highest bid after another period of negotiations.
It seems that Atlas has beaten off competition from former Director of Rugby Steve Diamond and two other alleged bids.
Last August Warriors accounts were frozen after a winding-up petition was issued by HMRC
In September the government placed WRFC Trading Limited, the company that owns the rugby club, in administration. The Rugby Football Union suspended the club from all rugby competition
In October, WRFC Players Limited, the company that employed the players and staff, was wound up in court.
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