Sep 26, 2022
English Premiership rugby club Worcester Warriors have been suspended from all competitions after plunging into financial turmoil amid debts totaling more than 25 million pounds
LONDON (AP) — English Premiership rugby club Worcester Warriors were suspended from all competitions on Monday after plunging into financial turmoil amid debts totaling more than 25 million pounds ($26.7 million).
The English Rugby Football Union gave Worcester a deadline to show proof of insurance cover and funding for the club’s monthly payroll. The RFU also wanted evidence of a “credible plan to take the club forward.”
The crisis-hit Warriors had not responded to those requests by 5 p.m. local time, leading to their men’s and women’s teams being suspended with immediate effect.
“We met with players and staff last week to explain why this action would be necessary," RFU chief executive Bill Sweeney said, “and regrettably without assurances in place, we have had to take this action to protect everyone’s best interests.”
Part of the debt is an unpaid tax of at least 6 million pounds ($6.4 million) amid growing anger toward owners Colin Goldring and Jason Whittingham, who have been accused of asset-stripping the club from central England whose men's team has been in the top-flight since 2015.
Worcester’s Sixways Stadium is closed. Club staff were given until Monday afternoon to collect belongings, with no indication when or if it will reopen.
Culture minister Stuart Andrew said last week the British government will “imminently” send in professional advisers to take a closer look at the club and potential options.
Putting the club in administration — a form of bankruptcy protection — is a decision “we will not be afraid to take” if it is found to be the most suitable, the minister added.
Premiership Rugby confirmed that Worcester’s league game at Gloucester on Saturday will not take place.
Worcester has played three top-flight league games this season, winning one and losing the other two.
Its first home game of the season, against Exeter last Sunday, was given the green light to go ahead only two days earlier because volunteers offered to cover stewarding and medical requirements.
For a domestic cup fixture against Gloucester on Wednesday, Worcester resorted to calling up a player who retired at the end of last season and runs a pizza shop, and its 41-year-old academy coach who last played a competitive match in 2013.
Because the Warriors have no public liability insurance, Worcester’s squad face training off-site when the players eventually reconvene.
___
More AP rugby: https://apnews.com/hub/rugby and https://twitter.com/AP_Sports
Higher interest rates are inflating borrowing costs as the Trump administration spends on the Iran war and tariff refunds.
The potential downgrade by MSCI, an influential index provider, adds to a deepening crisis of investor confidence in the economic policies of President Prabowo Subianto.
The Federal Reserve chairman stuck to his pledge to avoid providing guidance about the path forward for interest rates, but did nothing to convey an urgency to raise them later this month.
Tesla CEO Elon Musk showcased the vehicle at a facility owned by his SpaceX company, which helped develop the model.
Kevin Warsh, the central bank’s chairman, suggested he wouldn’t push to raise borrowing rates this month. But persistent inflation may force the Fed’s hand.
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month.
The booking giant is accused of breaking federal antitrust laws and forcing millions of customers to overspend on stays by as much as 30 percent.
Elon Musk’s company and other automakers, like Jaguar and Bentley, are trying to sell very expensive electric cars to people who usually prefer gasoline-fueled luxury and performance.
President Trump has been promoting his efforts to reduce drug prices, but many Americans have not seen relief from rising costs for prescriptions and insurance premiums.
Diesel recently topped £2 per litre and there is concern that a duty freeze will not go far enough.
In the contrarian logic of investing, rising interest rates have made bonds much more attractive, our columnist says.
Lincolnshire has lost 27% of its pubs and bars since 2009 and some are calling on the government to act against cheap supermarket booze.