Latest news with #Collier-Keywood
Wales Online
22-04-2025
- Business
- Wales Online
Tonight's rugby news as WRU chief issues warning to regions and England great retires
Tonight's rugby news as WRU chief issues warning to regions and England great retires The latest headlines from Wales and around the world Collier-Keywood has issued a warning to the regions (Image: Chris Fairweather/Huw Evans Agency ) These are your evening rugby headlines on Tuesday, April 22. WRU chief issues 'much worse' warning to regions Welsh Rugby Union chair Richard Collier-Keywood has warned the regions they will be "much worse" off if they fail to sign the new Professional Rugby Agreement. The Dragons, Ospreys and Scarlets are yet to agree to the new deal, despite Collier-Keywood setting a deadline of last Tuesday for the three clubs to confirm their intention to sign. All four of Wales' professional clubs had agreed on terms on a new PRA in February but the WRU's takeover of Cardiff Rugby earlier this month put a spanner in the works, with the three other sides having concerns. The current PRA expires at the end of the 2025/26 season, but the WRU are desperate to get the new version over the line that would result in a financial upswing. However, with the latest deadline now passed, WalesOnline understands that talks are likely to continue for some time yet. Article continues below But Collier-Keywood has warned of a "much worse" alternative for the regions if a new PRA deal isn't concluded. Sign up to Inside Welsh rugby on Substack to get exclusive news stories and insight from behind the scenes in Welsh rugby. 'If they don't sign we are back under PRA mark one with a sharing in the upside and downside of the trading performance of the WRU," he told BusinessLive. "In the last couple of years there has been quite a bit of downside, so it is a much worse financial deal for them. 'It also puts the risk back on them as businesses. The new deal is fixed for them for a period of three years and then it rolls, so they know with absolute certainty what they are going to get from the WRU and that is hugely different to what we have seen in the past and the picking up as owners (private clubs) of the delta on whatever happens, and that was often negative and having to put their hands in their pockets. "That is why we have fixed it. And we are having the same philosophy on the debt by trying to fix it for them over the medium-term, so that we are better able to take the up and downside in the market and making it relatively stable for them.' On pressing the regions to sign off on the deal before Easter, Collier-Keywood added: 'All I was saying was that Cardiff is an interruption to where we are going, but I am confident that we will get there. They are asking totally fair questions. "We now sit as the owner of Cardiff and they want to know from that perspective what we are going to contribute. And we are saying we are going to deliver what we should do in Cardiff, as opposed to the previous owners (Helford). 'We are in the middle of talks with people about refinancing our debt and these numbers have been given, so if 'one of you is going to blow up' this deal because of Cardiff, and we get why you want to understand what we have done, then I really do need to know that sooner rather than later because I we don't want to waste anyone's time around the refinancing. "The whole basis of the new PRA is fixing things for the clubs as much as possible and we are effectively taking the equity risk on Welsh rugby. That makes sense to us and the clubs as we are the bigger entity and the ones generating the revenues for the most part in Welsh rugby. And we are looking to pass the benefits of any refinancing onto the clubs. "We have made an offer to the regions to swap approximately £3m of debt each into equity or a preference position. On the balance (lent by the WRU) refinancing helps them repay it over a longer period of time." England great announces retirement By PA Sport Staff England's most capped men's player Ben Youngs is to retire at the end of the season. The 35-year-old scrum-half, who racked up his 332nd appearance for Leicester at the weekend, made his senior debut in 2007 and went on to win five Premiership titles. 'It's a bittersweet feeling really. Obviously, I'm sad at the thought it's coming to an end but I'm excited about the rest of this season, excited about what this group can do,' said Youngs. 'That's the strange part, I'm using the 'r' word (retirement) but it isn't over today, there is still plenty of rugby left this season and that's what is at the front of my mind. 'I'm not done, let's not write the obituary just yet. I have spent two decades of my life here at the club and I have been lucky to be a part of some incredible moments along the way, enjoyed so much success and made memories that will last a lifetime.' Youngs is England's most-capped player, having made his debut in March 2010 and played at four World Cups – in 2011, 2015, 2019 and 2023 – before retiring two years ago after a third-place finish in France. He played in 127 Tests for his country and won four Six Nations titles. But now he is focused on securing a sixth Premiership title with Leicester, who are currently second to Bath, as he brings to an end his one-club career. 'It's all I have known in club rugby, the green, red and white, and all I've wanted to know,' said Youngs, who last year had heart surgery after being diagnosed with an irregular and abnormally fast heartbeat. 'The idea of playing against this club wasn't ever an option for me and so, for me to be able to finish a one-club player will be one of my greatest achievements. 'The time will come to thank everybody who have helped me achieve what I have but, that's for when it comes to an end. For now, it's about finishing this chapter of my life with some more success. I'm not done just yet.' Cardiff ready to 'make history' Cardiff Rugby can close in on qualifying for the URC playoffs against Munster on Friday evening, with Ben Thomas predicting a 'special day' at the Arms Park. Cardiff go into the clash in sixth place, one place above their Irish opponents, with just one point separating the two sides. Describing Munster as 'a different test to what we had on Judgement Day, but hopefully a test we're up to," the Wales international said: 'When you look at historically any big games here, any knockout games, our supporters tend to come out in force, and I expect Friday to be something similar. With the backdrop of Cardiff's off-field turmoil and rumours around potential departures at the club, the significance of the occasion isn't lost on the centre. 'It's about making history for this club, but we've got a pretty special group of boys here who've done a lot for the club, so it will be important for us to send them off in the right way,' said Thomas. Since the system was introduced to the URC during the 2009-10 season, which at the time was the Celtic League, Cardiff have never qualified for the playoffs. A win at the Arms Park this Friday would go a long way to achieving the feat for the first time, a prospect Cardiff stalwart James Botham is excited by. Article continues below 'I've been here for nearly 10 years now and to have a chance of getting any sort of silverware would be amazing so I can't wait for the game and can't wait to see how it pans out,' the backrower said. 'It'll be massive for fans; they've been great all year. But to finish on a high for the season, to give ourselves the best shot of the playoffs and also to finish for the fans will be massive".
Wales Online
22-04-2025
- Business
- Wales Online
WRU's Principality Stadium roof walk attraction could be sold amid lack of interest
WRU's Principality Stadium roof walk attraction could be sold amid lack of interest The Scale roof walk and zip wire attraction opened in April last year but is struggling to attract the projected visitors Scale is not attracting the expected number of visitors (Image: WRU/Principality Stadium ) Welsh Rugby Union chairman Richard Collier-Keywood has revealed the Principality Stadium's Scale roof walk and zip wire is hugely underperforming in a wide-ranging interview. Collier-Keywood admitted the Union would consider selling the attraction, which opened in April last year, to the company that operates it. He told BusinessLive improving the current situation is a priority for the organisation. The much-trumpeted arrival of Scale came at a cost of around £5m and offers visitors the chance to walk around the 60-metre-high stadium roof, zip wire across its canopy and abseil down to the ground. To do all three costs £89 per person, while the simple roof walk alone is £44. Sign up to Inside Welsh rugby on Substack to get exclusive news stories and insight from behind the scenes in Welsh rugby. It was expected to follow in the success experienced by other stadiums, such as Tottenham Hotspur's, but bookings have been hugely underwhelming. The attraction is operated on its behalf by Wire & Sky which runs similar attractions at the home of Liverpool FC, Anfield, and the Tottenham Hotspur Stadium. While explored at an early stage, Sky & Wire weren't asked to make an equity investment, which would have reduced the union's capital expenditure on Scale. Article continues below Mr Collier-Keywood said: 'We are working with Sky & Wire very closely to try and improve it. That is pretty much close to the top of the list for me. It is nowhere near the projections we had hoped for, so we are looking at this very closely with Wire & Sky. We are also entering into a better period with more people in the summer when it is sunny. So, I think it is reasonable to see what happens over the summer period, but we are working with Wire & Sky to see how we can do this better.' Asked if it could be sold with Sky & Wire potentially taking on ownership, the chairman said: 'We are open to doing any sort of deal that improves the current position and for me nothing is off the table.' Conversely, the WRU's other big non-rugby project - the Parkgate Hotel - is performing strongly, according to Collier-Keywood, although he has not ruled out the Union selling its stake in the future. In its last audited accounts to the end of June, 2024, the hotel saw its revenues climb by around 10% to £12.35m on a year earlier. The average occupancy was 85% (81% in the previous year) with revenue per available room up from £111 to £116. It has just over £43m remaining on a lease financing deal with L&G, which was struck on a 45-year term. It posted an operating profit of £1.45m with cash in hand, which is accruing interest, of £1.47m. Since last June the hotel's cash positive position has increased significantly. Subject to approval from minority shareholder Rightacres, the WRU could benefit from a transfer of cash from the hotel via an intercompany transaction. Mr Collier-Keywood said: 'I am reasonably confident that we can do that shortly, but we are locked in that together (with Rightacres).' In theory the hotel asset could be sold onto an investor, who would then take on the remaining lease finance (mortgage) agreement with L&G with the Celtic Collection, whose other interests include the Celtic Manor Resort and ICC Wales in Newport, remaining as the hotel's operator. While speculative, with a strong cash flow, a sale of the hotel could generate a significant eight-figure sum. Any sale would need approval from L&G and Rightacres. Asked if a potential sale of the hotel could be considered, Mr Collier-Keywood said it couldn't be ruled out. He added: 'We want to make our balance sheet work for us and we will look at the hotel over the next six to 12 months so we can make a call on that (selling option). However, there are quite a few things broken, but the hotel is not one of them.' Article continues below As the hotel is cash positive, the union could decide to maintain its majority ownership for the long-term.
BBC News
16-04-2025
- Business
- BBC News
Regions yet to agree deal as WRU deadline passes
Scarlets, Ospreys and Dragons have yet to agree to sign a new long-term deal with the Welsh Rugby Union (WRU), with a set deadline passing on Tuesday chair Richard Collier-Keywood asked the three sides to ensure they had agreed to confirm their intention to sign a new deal by "close of play" on Tuesday, following the governing body's takeover of Cardiff last Arms Park outfit were placed into temporary administration last Wednesday, with the WRU taking control of the capital-based development raised concerns about the proposed new arrangement between the WRU and the four Welsh professional sides, known as the Professional Rugby Agreement (PRA).The PRA, which includes a new funding arrangement, is meant to form a key component of the WRU's long-term plan, which they have called the 'One Wales' strategy. In February, it was announced the parties had agreed in principle to a five-year deal - but that was before the dramatic events surrounding Cardiff last WRU met with Scarlets, Ospreys and Dragons last week before Collier-Keywood sent a follow-up email to the three sides stating they needed to agree to sign the PRA by 15 April. Collier-Keywood described the process as being "urgent" in order to ensure all parties could move forward into next season with "certainty". He wants to be able to complete the new funding aspect of the PRA by 30 Scarlets, Dragons and Ospreys have not agreed to the WRU request, with concerns raised following the Cardiff takeover, and they are still waiting to see a final completed copy of the information has been given publicly as yet about what will happen next after the WRU deadline passed, with negotiations expected to is a scheduled meeting on Wednesday between the WRU and four professional sides, when the Professional Rugby Board (PRB) assemble.
Yahoo
14-04-2025
- Business
- Yahoo
WRU chair gives regions new Tuesday deal deadline
The Welsh Rugby Union (WRU) chair Richard Collier-Keywood has given Scarlets, Ospreys and Dragons a deadline of Tuesday evening to agree to sign a new deal following the governing body's takeover of Cardiff. The Arms Park outfit were placed into temporary administration last Wednesday with the WRU taking control of the capital-based region. This raised concerns about the new proposed arrangement between the WRU and all four of the Welsh professional sides, known as the Professional Rugby Agreement (PRA). In February, it was announced the parties had agreed in principle to a five-year deal - but that was before last week's dramatic events unfolded and Cardiff went into WRU ownership. The WRU met with Scarlets, Ospreys and Dragons before Collier-Keywood sent a follow-up email to the three sides stating they need to agree to sign the new PRA by "close of play" on Tuesday, 15 April. No information has publicly yet been given about what will happen if they do not sign in time. After outlining the reason for the Cardiff takeover, Collier-Keywood wrote: "Given your boards had previously agreed to sign the new PRA prior to the events of this week, I hope with the information above, they are assured the new PRA continues to represent a fair and better deal for Welsh Rugby. "On this basis, we would ask to receive confirmation by close of play on Tuesday, 15 April, that the agreement remains secured, and we will circulate executable copies for signature. "This is now urgent as we want to move forward into the 2025-26 season with certainty. "In order to complete the re-financing, we will need to terminate the current agreement within this timescale." The three sides are waiting to see a final copy of the completed new PRA document before they agree to sign a deal, less than a week after events changed with the Cardiff takeover. WRU explains Cardiff takeover in Arms Park address Welsh Rugby Union takes control of Cardiff Rugby WRU's acquisition of troubled Cardiff cost £780k The WRU's acquisition of the business and assets of Cardiff cost £780,000 with costs made up of about £480,000 in cash and £300,000 of debt. In addition, the WRU are committed to putting in around £1.2m into Cardiff until June 2026, meaning a total of £2m going towards the Arms Park region. Previously, Cardiff had owed the WRU £9.1m with the governing body now turning £3m of that into an investment and leaving a £6m debt. Collier-Keywood last week insisted it was the WRU's intention "to provide the other three professional clubs with similar debt relief". There has been no evidence so far the WRU will match the £2m they are providing Cardiff with any similar arrangements for Scarlets, Dragons and Ospreys. The governing body say Cardiff will be on the same terms as the other clubs under the new PRA and that they will create a subsidiary to run the Arms Park outfit on an independent basis. The WRU said the decision to take over Cardiff was made "once it became clear that the club's owner, Helford Capital, was unable to meet its obligations to fund the club as it was contractually obliged to do". Cardiff looked to have secured their long-term future in January 2024 when Helford Capital Limited's acquisition of a majority shareholding was approved at a general meeting of club members, a 99.99% majority voting through the takeover. The investment group was led by businessmen Phil Kempe and Neal Griffith, who acquired an 84.55% shareholding. The agreement ended last week and the appointed administrators PwC have sold the club's business and assets to the WRU with more than 150 jobs safeguarded. WRU chief executive Abi Tierney said it was "unthinkable for us to allow the demise of professional rugby in the Welsh capital". The governing body say Cardiff players and staff will be unaffected by the sale with contracts honoured, although they want players to sign deals on Monday. The WRU say they only want to own Cardiff for the next 15 months before hoping to return the organisation to private investment. This deadline has been provided to try and agree the new PRA as quickly as possible, but the current deal has more than a year left to run until the end of the 2025-26 season. A clause in that contract says "the WRU may terminate this agreement by giving the company no less than two years' notice in writing to expire at the end of the relevant agreement year". That can only occur if the "Professional Rugby Board (PRB) recommends the same as part of an objective review of professional rugby". It is understood no such review has happened yet. That policy would also not align with the desire to keep four professional sides in Wales, which was a crucial factor presented in the decision to save Cardiff. The WRU said Welsh rugby would have been heavily penalised financially by the United Rugby Championship (URC) and European authorities if they did not continue to provide four sides for their competitions. It is not the first deadline the WRU has set this season. In August 2024, a more stark three-hour deadline was issued to the Wales women squad during contract negotiations. On that occasion, there was a "final offer" ultimatum, saying if they did not sign new contracts within three hours they would be withdrawn, planned matches against New Zealand, Scotland and Australia would not go ahead and they could pull the Wales women's team out of the 2025 World Cup. The threat was not acted upon and the WRU executive leadership later apologised and accepted it was a mistake.
BBC News
14-04-2025
- Business
- BBC News
WRU chair gives regions new Tuesday deal deadline
The Welsh Rugby Union (WRU) chair Richard Collier-Keywood has given Scarlets, Ospreys and Dragons a deadline of Tuesday evening to agree to sign a new deal following the governing body's takeover of Arms Park outfit were placed into temporary administration last Wednesday with the WRU taking control of the capital-based raised concerns about the new proposed arrangement between the WRU and all four of the Welsh professional sides, known as the Professional Rugby Agreement (PRA).In February, it was announced the parties had agreed in principle to a five-year deal - but that was before last week's dramatic events unfolded and Cardiff went into WRU WRU met with Scarlets, Ospreys and Dragons before Collier-Keywood sent a follow-up email to the three sides stating they need to agree to sign the new PRA by "close of play" on Tuesday, 15 information has publicly yet been given about what will happen if they do not sign in time. After outlining the reason for the Cardiff takeover, Collier-Keywood wrote: "Given your boards had previously agreed to sign the new PRA prior to the events of this week, I hope with the information above, they are assured the new PRA continues to represent a fair and better deal for Welsh Rugby. "On this basis, we would ask to receive confirmation by close of play on Tuesday, 15 April, that the agreement remains secured, and we will circulate executable copies for signature. "This is now urgent as we want to move forward into the 2025-26 season with certainty. "In order to complete the re-financing, we will need to terminate the current agreement within this timescale."The three sides are waiting to see a final copy of the completed new PRA document before they agree to sign a deal, less than a week after events changed with the Cardiff takeover. Balancing the books The WRU's acquisition of the business and assets of Cardiff cost £780,000 with costs made up of about £480,000 in cash and £300,000 of addition, the WRU are committed to putting in around £1.2m into Cardiff until June 2026, meaning a total of £2m going towards the Arms Park Cardiff had owed the WRU £9.1m with the governing body now turning £3m of that into an investment and leaving a £6m last week insisted it was the WRU's intention "to provide the other three professional clubs with similar debt relief".There has been no evidence so far the WRU will match the £2m they are providing Cardiff with any similar arrangements for Scarlets, Dragons and governing body say Cardiff will be on the same terms as the other clubs under the new PRA and that they will create a subsidiary to run the Arms Park outfit on an independent basis. Keeping Cardiff alive The WRU said the decision to take over Cardiff was made "once it became clear that the club's owner, Helford Capital, was unable to meet its obligations to fund the club as it was contractually obliged to do".Cardiff looked to have secured their long-term future in January 2024 when Helford Capital Limited's acquisition of a majority shareholding was approved at a general meeting of club members, a 99.99% majority voting through the investment group was led by businessmen Phil Kempe and Neal Griffith, who acquired an 84.55% agreement ended last week and the appointed administrators PwC have sold the club's business and assets to the WRU with more than 150 jobs chief executive Abi Tierney said it was "unthinkable for us to allow the demise of professional rugby in the Welsh capital".The governing body say Cardiff players and staff will be unaffected by the sale with contracts honoured, although they want players to sign deals on WRU say they only want to own Cardiff for the next 15 months before hoping to return the organisation to private investment. What happens next? This deadline has been provided to try and agree the new PRA as quickly as possible, but the current deal has more than a year left to run until the end of the 2025-26 season.A clause in that contract says "the WRU may terminate this agreement by giving the company no less than two years' notice in writing to expire at the end of the relevant agreement year".That can only occur if the "Professional Rugby Board (PRB) recommends the same as part of an objective review of professional rugby". It is understood no such review has happened policy would also not align with the desire to keep four professional sides in Wales, which was a crucial factor presented in the decision to save WRU said Welsh rugby would have been heavily penalised financially by the United Rugby Championship (URC) and European authorities if they did not continue to provide four sides for their is not the first deadline the WRU has set this season. In August 2024, a more stark three-hour deadline was issued to the Wales women squad during contract that occasion, there was a "final offer" ultimatum, saying if they did not sign new contracts within three hours they would be withdrawn, planned matches against New Zealand, Scotland and Australia would not go ahead and they could pull the Wales women's team out of the 2025 World threat was not acted upon and the WRU executive leadership later apologised and accepted it was a mistake.
