Latest news with #RichardCollier-Keywood
Wales Online
18-05-2025
- Business
- Wales Online
Ospreys and Scarlets publicly accuse WRU of destabilising Welsh rugby after shock U-turn
Ospreys and Scarlets publicly accuse WRU of destabilising Welsh rugby after shock U-turn The Ospreys and Scarlets have responded to the Welsh Rugby Union's statement The Scarlets and Ospreys have issued a statement (Image: Huw Evans Picture Agency Ltd ) The Ospreys and Scarlets say they are "concerned and disappointed" over the Welsh Rugby Union's announcement there will no longer be four equally-funded professional clubs in Wales, with the two West Wales sides slamming the Union's U-turn for creating more "destabilising and debilitating uncertainty" in the Welsh game. WalesOnline revealed on Saturday night that the WRU has informed the four clubs that the number of teams in Wales needs to reduce to three following the failure of all four teams to agree to its proposed new Professional Rugby Agreement (PRA). You can read the story here. Then, on Sunday morning, the WRU confirmed in a statement, which you can read here, that they had triggered the two-year notice period on the current set-up and said the future landscape will not see four evenly funded teams. That marked a complete change from the Union's previous public stance, with CEO Abi Tierney and chair Richard Collier-Keywood having been insistent since taking up their roles that four was the number of teams they wanted to move forward with on an equal funding model. The seismic development comes after the Ospreys and Scarlets refused to sign the new agreement following the Union's takeover of Cardiff - with the Dragons having joined the capital club in signing the new PRA. The reason the Ospreys and Scarlets have chosen not to do so is over fears that the WRU's takeover of Cardiff would lead to inequality under the new agreement, with those concerns having not been suitably allayed. Article continues below After both clubs' supporters groups insisted they would not be cowed on Sunday, the two rivals have now joined forces with their own robust statement - once again reiterating their calls for more clarity. "The Ospreys and Scarlets are concerned and disappointed to read the WRU's statement today (18 May 2025) outlining a sudden change in its strategy of four equally-funded professional clubs in Wales. "This U-turn has now created more destabilising and debilitating uncertainty in our game, with pertinent questions being asked by stakeholders across our clubs and within our communities regarding the future framework and landscape for professional rugby in Wales. "The very foundations that both the 'One Wales' strategy and new PRA (2025) are based upon have now changed dramatically and without full consultation. This goes back on recent commitments made to the clubs and to Welsh rugby fans. "The future framework and landscape for professional rugby in Wales matters to us all. Sign up to Inside Welsh rugby on Substack to get exclusive news stories and insight from behind the scenes in Welsh rugby. "We would urge the WRU to provide more clarity and detail on the decision, the 'opportunity' that it wishes to seize and to inform us what the process will be for a new system and model for Welsh Rugby and how they intend to deliver it. "We need a unifying position and coherent strategy that allows us to continue to compete and grow as professional clubs in Wales. "As professional clubs, we share the same passion, focus and hope for a better and more sustainable future for our game in Wales, which has been impacted significantly in recent years. "We thank all those connected with our two clubs including players and staff, supporters, partners, sponsors and our wider rugby communities for their continued support and patience while we seek to find a sustainable and equitable solution for the future. "We are key contributors to the success of Welsh rugby and we remain committed to working constructively and collaboratively with the WRU to find solutions that support the game across our country and ensure a level playing field for all." Wales' governing body has activated the two-year notice on the old PRA because it is desperate to refinance its debt. NatWest view the old agreement as too much of a risk to refinance the debt as any increase in the WRU's profit has to go to the four professional clubs. Article continues below In their statement on Sunday, the WRU said it had not taken the decision lightly and recognised the game is now entering a period of huge uncertainty.
Wales Online
09-05-2025
- Sport
- Wales Online
Two Welsh clubs don't meet WRU ultimatum deadline but one signs new deal
Two Welsh clubs don't meet WRU ultimatum deadline but one signs new deal The WRU had set a deadline of Thursday for Dragons, Ospreys and Scarlets to sign the new Professional Rugby Agreement A general view of the Principality Stadium (Image: Getty Images ) The Ospreys and Scarlets have not met the Welsh Rugby Union's deadline to sign the new Professional Rugby Agreement - however, the Dragons have signed the deal. All three sides were issued an ultimatum by the WRU to sign the new PRA by midnight on Thursday or face the prospect of a two-year notice period being served on all teams which could threaten their very existence. Despite that, fierce rivals Ospreys and Scarlets have let the deadline pass without agreeing to the new financial agreement. Sources have confirmed to WalesOnline that two of the three clubs have not signed the new PRA, as anger grows over what the clubs see as a failure by the WRU to offer clear evidence of equality following the Union's takeover of Cardiff. Some sources also indicated in strong terms that the Ospreys and Scarlets were not willing to be bullied in light of the latest deadline, which has now passed. However, the fact that the Dragons have signed the new agreement - joining Cardiff in doing so - creates a very clear split between the teams in east and west Wales. The hope amongst the Dragons, Ospreys and Scarlets earlier this week was that a joint-decision would be reached in terms of whether to sign or not, but, in the end, only two of the three held out. Article continues below It remains to be seen whether the WRU will act on it or whether an extension will be granted but what is certain is that Welsh rugby has been plunged into a period of huge uncertainty - although, in fairness, not as much uncertainty as the scenario where all three clubs didn't sign. This is also a huge challenge to the leadership of WRU CEO Abi Tierney and chair Richard Collier-Keywood who are under pressure to get a deal over the line. In February the WRU announced all four clubs had agreed to the new PRA in principle, but had not put pen to paper. Join WalesOnline Rugby's WhatsApp Channel here to get the breaking news sent straight to your phone for free The new PRA includes increased funding but its main strength is transferring the debt of all four professional clubs acquired through Covid loans onto its own balance sheet. But last month Cardiff Rugby entered administration and are now owned by the WRU which has thrown a huge spanner in the works. The acquisition of Cardiff and its assets cost the WRU £780,000, with the governing body taking £3.1m of what was the club's £9m debt, with £6m left to its new Cardiff Subsidiary Company. But under the new PRA the funding directors at all four clubs are required to act as personal guarantors to cover any funding deficit. As far as Cardiff are concerned, the WRU are now its benefactor and are planning to put in £2.1m extra. The three independent clubs have serious concerns at the prospect of the WRU turning Cardiff into a super club, much in the same way the Irish Rugby Football Union treat Leinster. There have been requests to change the voting rights on the Professional Rugby Board given Cardiff are now owned by the WRU while they have even raised the issue of whether the Arms Park outfit should be prohibited from signing players from the other three Welsh clubs. The WRU are desperate for the new PRA to get signed because NatWest will not agree to refinance the debt while on the current deal. Under the terms of the current PRA any uplift the WRU gets in terms of profit goes to the four professional clubs. NatWest see this as too much of a risk which is why the WRU need to get the PRA over the line as a matter of urgency. Tierney's preference has always been to stick with four teams but if the WRU activate the two-year notice clause reducing the number of professional clubs becomes a very real possibility. The WRU own the licences for Welsh participation in the United Rugby Championship and European competitions meaning these could be withdrawn in two years' time. Article continues below For the short term, Welsh rugby could have a 2+2 model where Cardiff and the Dragons are funded significantly higher than the other two.
Pembrokeshire Herald
07-05-2025
- Business
- Pembrokeshire Herald
WRU issues 48-hour deadline to regions in major showdown over rugby deal
Dragons, Scarlets and Ospreys face uncertain future if agreement isn't signed THE WELSH RUGBY UNION has told three of Wales' professional rugby teams they have just 48 hours to sign a new long-term funding agreement—or risk being served notice that could spell the end of their participation in top-flight competitions. The ultimatum, delivered to the Dragons, Scarlets and Ospreys on Tuesday, comes amid growing tensions over the delayed signing of the Professional Rugby Agreement (PRA). If the clubs fail to sign by midnight on Thursday, the WRU may issue a formal two-year termination notice, triggering major upheaval across the sport. The WRU, which now owns Cardiff Rugby after the club entered administration earlier this year, says the ongoing stalemate cannot continue. While the governing body insists its preference remains to retain four professional sides, the potential withdrawal of support for the three independently-owned teams is now firmly on the table. The WRU holds the licences that allow teams to play in the United Rugby Championship and European competitions. If the notice is served, the union would have the power to withdraw these licences in 2027—though such a move would likely carry short-term financial consequences. Sources close to the discussions say concerns remain within the three clubs over how the WRU's full ownership of Cardiff could affect competitive balance, particularly in terms of funding and recruitment. There are also calls for changes to voting rights on the Professional Rugby Board and proposals to restrict Cardiff from signing players from rival Welsh sides while under WRU control. The current PRA was agreed in principle earlier this year, offering increased funding and refinancing of club debt, including the WRU taking responsibility for COVID-related loans. But following Cardiff's collapse into administration—and the WRU's subsequent £780,000 acquisition and pledge of £1.2 million in further support—the deal has stalled. WRU chair Richard Collier-Keywood has acknowledged the clubs' concerns, especially around transparency and governance. However, the union insists it is absorbing the financial risks to safeguard the future of the professional game in Wales and that the proposed agreement will ultimately benefit all parties. But with refinancing talks ongoing and pressure mounting, the WRU says time is up—and a decision must now be made.
Wales Online
06-05-2025
- Business
- Wales Online
WRU give regions 48 hours to sign deal or risk being served notice in seismic move
WRU give regions 48 hours to sign deal or risk being served notice in seismic move The Welsh Rugby Union could serve notice on the Dragons, Scarlets and Ospreys if they do not sign the new Professional Rugby Agreement The WRU have issued the regions with a deadline (Image: PAUL ELLIS/AFP via Getty Images ) The Welsh Rugby Union has issued a stark ultimatum to the Dragons, Ospreys, and Scarlets: sign the new Professional Rugby Agreement by Thursday or face the prospect of a two-year notice period being served on all teams that could threaten their very existence. The move represents a potentially seismic development that could plunge Welsh rugby into a period of huge uncertainty. It follows a meeting between the WRU and three independent club teams on Tuesday. Join WalesOnline Rugby's WhatsApp Channel here to get the breaking news sent straight to your phone for free The WRU's preference is to stick with four teams and get the new deal over the line but there's a realisation the stalemate that has now gone on for months cannot continue. Previously it was suggested Cardiff could be moved onto the new PRA with increased funding and a refinancing of the debt with the other three staying on the current deal which the WRU does not believe is fit for purpose. But the nuclear option, which is now being considered, is calling in the two-year notice period on the current PRA which could hypothetically result in a redrawing of the professional rugby landscape in Wales. The WRU hold the licenses for the Welsh clubs who compete in the United Rugby Championship and European competitions and has the power to revoke them in two years once a notice period is served, but there would be short-term financial consequences if it withdrew a club from these competitions. Article continues below In February it was announced Wales' four professional teams had agreed in principle to a five-year deal which includes increased funding and a refinancing of each organisation's debt - with the WRU taking the Covid loans onto its own balance sheet. But things changed significantly when Cardiff entered administration and the WRU assumed ownership of the club. The WRU spent £780,000 on the purchase of Cardiff and have also committed to putting in around £1.2m into Cardiff until June 2026. As a result, the signing of the new PRA has hit the rocks with the WRU now issuing a hard deadline of midnight on Thursday. This demand is significantly more serious than the previous deadline issued by WRU chair Richard Collier-Keywood last month, which failed to move the dial. WalesOnline understands that if the three independent clubs do not sign the new agreement, the WRU are seriously considering heading down a path that could change things forever. Indeed, a potential consequence could be going down to three clubs, even though WRU CEO Abi Tierney has been strong on her desire to keep four professional teams. It is understood that since Cardiff fell into WRU ownership there have been amendments to the proposed new PRA, with the funding directors being asked to fund a higher deficit than had been initially agreed. There is also concern among the three clubs that were the new PRA to be signed there would potentially be no curb on how much the WRU could spend on Cardiff, over and above what they give the other three. There have been requests to change the voting rights on the Professional Rugby Board given Cardiff are now owned by the WRU. WalesOnline has also been told the other three have questioned whether there should be a ban on Cardiff signing players from the other three professional clubs while under WRU control. This is a problem the WRU do not need, with a new PRA supposed to be the final component in the governing body's five-year One Wales strategy. Last month chairman Collier-Keywood said of the deal stalling: "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. Article continues below "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."
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.
