Worcester Warriors co-owners Colin Goldring and Jason Whittingham have agreed terms with an undisclosed buyer for the financially stricken Premiership rugby club.
The terms of the agreement are still being scrutinised by the respective legal teams and as of Tuesday afternoon it had yet to be signed, the Warriors have confirmed.
Worcester have debts of more than £25 million (€28.8 million), including £6 million (€6.9 million) in unpaid tax, and face administration if they are unable to find a new buyer.
A 45-14 defeat at London Irish on Saturday opened their season on the pitch but a troubled build-up plunged the club into a desperate battle for survival.
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Players and staff have still not been fully paid for August amid grave concerns over September’s payroll, but the news that an agreement is now in the hands of lawyers indicates an end to the crisis is in sight.
Efforts are being made to ensure Worcester’s first home match of the season goes ahead as scheduled with the new buyer providing financial support.
“We have been working closely with the interested party on the immediate deposit of significant funds which will allow Sunday’s Premiership match against Exeter at Sixways and Saturday’s Allianz Cup tie between University of Worcester Warriors and Harlequins to go ahead as scheduled,” a statement read.
“We will provide a further update both on the sale of the club and this weekend’s matches on Wednesday.”
