Premiership Rugby wants independent regulator to stop further financial crisis | Rugby Union News

Premiership Rugby chief executive Simon Massie-Taylor is calling for stricter financial oversight to prevent more clubs heading into financial crisis; Worcester Warriors’ parent company went into liquidation and Wasps are now on the brink of administration

Premiership Rugby chief executive Simon Massie-Taylor is calling for stricter financial oversight

Premiership Rugby wants to introduce an independent regulator to oversee clubs’ finances.

It comes amidst a financial crisis in English rugby that has Worcester wound-up, and Wasps are on the brink of administration.

Both clubs have been suspended from the Premiership and are set to be relegated.

Premiership Rugby chief executive Simon Massie-Taylor is calling for stricter financial oversight to prevent more clubs following suit.

“The time is now, and we need to move quickly,” he said. “Everyone is feeling a responsibility for what’s happening. It’s hard not to take it personally.

“We need to improve our governance and our financial regulation to ensure we get the right investors and have sight of these issues much earlier.”

Wasps’ administration is set to be confirmed on Monday, with the club owing £2m to HM Revenue and Customs in unpaid taxes and a further £35m in bonds.

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With this season’s Premiership now operating with 12 rather than 14 teams, there is concern that other clubs are also in serious financial trouble.

“We haven’t been given any red flags from clubs – but until I get financial oversight, I can’t give you a direct answer,” Massie-Taylor said.

PRL also wants to change the governance of the league to create a more “robust structure and governance model”.

The Premiership competition is currently run by Premiership Rugby (PRL) and its clubs, but is governed by the Rugby Football Union (RFU).

Any changes in governance would require the approval of all the top-flight clubs and the RFU.

Nigel Melville, who represents the Premiership clubs, said: “The time is right for a reset. I think there is a general feeling among the clubs that change is necessary to move forward.

“We must now work out what that change is and ensure it is credible and works within the system.”

Administrators say talks ongoing for Worcester Warriors buyer

Worcester Warriors have been suspended for the remainder of the Premiership season, and been relegated to the Championship

Begbies Traynor are overseeing Worcester Warriors’ administration and acting as the agent of WRFC Trading Limited.

The outfit released a statement on Friday highlighting the latest update regarding a potential acquisition.

“We are pleased to confirm that discussions are continuing with a number of interested parties who remain focussed on acquiring Worcester Warriors with a view to re-establishing rugby at Sixways stadium and developing the first rate facilities and land around it to support rugby operations.

“We are not yet at a stage to be able to enter into any preferred bidder agreement but expect to continue discussions around this with a view to achieving a sale in the timescale needed for a squad to be built by a purchaser in good time for next season.”