Taking a look at the financial crisis gripping the Gallagher Premiership
Wasps are Worcester have already gone into administration.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.London Irish could be the latest victims of the financial crisis gripping the Gallagher Premiership.
Here the PA news agency looks at the clubs most affected by the grim outlook.
GONE:
Worcester
The first club placed into administration back in September, Worcester’s future is still uncertain despite being taken over by Jim O’Toole’s Atlas Group. Entrance into the second tier Championship has been blocked by the Rugby Football Union for their failure to meet certain conditions and their plan of joining with Stourbridge and relaunching in the fifth tier appears dead in the water.
Wasps
The month after Worcester folded, Wasps followed them into administration as the league suffered the crushing blow of losing one of English rugby’s most famous brands. Further misery was to come as having targeted rebirth in the Championship, the failure to meet certain conditions forced the RFU to revoke their license and demote them to the foot of the rugby pyramid.
TEETERING:
London Irish
Burdened by debts of around £30million and with owner Mick Crossan desperate to sell, London Irish are shaping up to become the next club to be removed from the Premiership. The RFU has granted an extended deadline of June 6 for either the proposed takeover by an American consortium to be completed or for Crossan to prove he can finance Irish for the entire 2023-24 season. All staff must also be paid the outstanding 50 per cent of wages owed for May.
SHAKY FOUNDATIONS:
Leicester
Leicester needed an emergency cash injection of £13million from directors Peter Tom and Tom Scott in February to address what chief executive Andrea Pinchen described as “very challenging conditions”. A letter from the club to shareholders sent in March stated that if the funding was not approved, there would be no option but to appoint administrators.
Exeter
Even Exeter, one of the few clubs in the pre-pandemic era to operate at a profit, were forced to take special measures in December. Chiefs owner Tony Rowe bought a stake in a hotel owned by the club in order for it to service its debts, including Covid loans issued by the Government. Rowe’s intervention has shored up the finances for the time being.