Toronto Wolfpack Ownership Update – August 7, 2020
07/08/2020 by admin
Toronto Wolfpack Rugby Club continues to be in dialogue with several investment groups around taking on the immediate ownership of the team. This week has seen an intense period of negotiations led by Chairman and CEO Bob Hunter and supported by Head Coach Brian McDermott alongside UK General Manager Martin Vickers. In all four interested parties are involved, two of which entered the due diligence process in the last 72 hours. Bob Hunter commented:
“Despite a hugely challenging period for the club and its employees, we are genuinely impressed by the quality of interest we have received in taking the team forward. Like ourselves, all potential ownership groups share a genuine appreciation of how a North American team enhances the global attraction of the Betfred Super League. All four interested parties have demonstrated ambitious plans to build upon the progress the Wolfpack have made to date.
“We have been advised by Super League Chief Executive Robert Elstone that any new investor will be required to submit a formal application for re-joining the 2021 Super League by the end of this month. We would like to offer assurance that our team are working around the clock to secure a deal that will meet that deadline, and most importantly secure the futures of our players and staff.
“During our meeting with Super League on Monday we understood the league’s position as well as the decision to terminate our participation agreement for 2020. We are confident that both the Super League Board and the Rugby Football League (RFL) will consider our re-application for 2021 in a fair manner.”
Martin Vickers added:
“Based on the level of interest to date we remain extremely confident of being able to put forward a robust business case for our re-entry into the League for 2021. All investment groups are adamant that Toronto Wolfpack can be at the forefront of taking the Super League, and our wider game, forwards. On our part we are ensuring that we find the right investor and ownership for the club, which means one that is able to meet both our current and our future financial obligations. We will therefore not rush into any model that fails to work for the club, regardless of the challenging timescales.”
“Whilst these talks progress we continue to work with our majority owner David Argyle and the RFL to ensure that the club can meet its payroll obligations to players and staff, as David has publicly stated.”