Worcester Warriors are currently suspended and have been relegated to the Championship for next season
Worcester Warriors are currently suspended and have been relegated to the Championship for next season

The full extent of the club's debts has been revealed in a report sent to the club's creditor.

According to the report, the club's companies owe the former owners more than two million dollars.

Warriors is being sold to a group.

The ex-Warriors CEO is one of the leading candidates to take over.

The report shows that O'Toole and James Sandford's group paid a deposit of $500,000 to be able to negotiate.

The period of exclusiveness ends at the end of November.

The O'Toole and Sandford consortium have already invested more than $1m and paid off a loan taken out by the previous owners of the club.

The part of Whittingham and Goldring that owned the ground at Sixways went into administration.

The Warriors players and staff were wound up in the High Court in London in October, causing the cancellation of contracts and the loss of players to other clubs.

The administrators led by Julie Palmer are appealing the Rugby Football Union's suspension of the Warriors.

The company directors were disqualified from being in charge of the company for a year after failing to file accounts.

What are the report's findings?

Since Warriors' administrators were appointed in late September, they have carried out detailed investigations into the club's financial collapse, as well as the possibility of wrongful trading by Warriors' directors.

The club's trading arm owes two of Goldring and Whittingham's companies over 2 million pounds.

The administrators say this figure could yet be disputed, but that it is a fraction of the club's debts, set out in full for the first time.

The Covid Sports Survival loan is one of the things that the club owe the government.

Jason Whittingham and Colin Goldring (right) took part in a promotional sleep-out in support of the homeless at Sixways in 2020
Jason Whittingham and Colin Goldring (right) first became Worcester Warriors directors in December 2018

Suppliers, businesses, banks and ticket holders are all owed money.

At the time of being wound up, the payroll arm of the club had debts of over 6 million dollars.

Even if Warriors' assets were sold off, the funds raised would not be enough to cover the club's debts.

The freehold of the stadium at Sixways was sold to another of the Warriors owners' companies before being leased back to the club.

In October of last year, the club was sold to a group of four men.

They joined the Warriors board in December of last year.

Whittingham and Goldring took the reins in June 2019.

Hundreds of suppliers, fans and firms are at risk of losing all of their money if the new club buyers don't pay them back.

The Covid Sports Survival loan looks set to be taken on by a future buyer according to Palmer.

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