According to reports today, the RFU has granted London Irish an extension to complete their proposed takeover by an American consortium.
London Irish has become the latest top-flight union club in England to run into money troubles. This comes after Wasps and Worcester entered administration earlier this season, resulting in their expulsion from the Premiership.
It has been reported this month that the club is reportedly €34.67 million (€34.50 million) in debt, and their employees received their April salaries a week late.
It was also reported that Mick Crossan, the current owner, paid the overdue April wages just minutes before players were preparing to submit breach-of-contract notices.
This month, the RFU has issued a statement and a deadline for the southwest London rugby club. They warned that the club would be removed from the league if they do not find a solution by May 30.
The statement went on to say, "The RFU has therefore set a deadline of May 30 by which either: a takeover of the club has been completed and approved by the RFU, with the buyers undertaking to provide all required working capital to meet the club’s obligations as they fall due for at least the 2023/24 season; or the club evidences that it will continue to be funded to operate throughout the 2023/24 season.
Breaking: Major twist as London Irish are given week extension by RFU to complete take-over as buyers provide more detail/clarity. Hopes growing of a dramatic reprieve. Full story on @MailSport now with @_AlexBywater … https://t.co/Xg973F0agz
— Chris Foy (@FoyChris) May 30, 2023
“If the club fails to meet these conditions, it will be suspended from participating in the Premiership (and other competitions) in the 2023/24 season to avoid a scenario where the club enters insolvency mid-season, with the corresponding and substantial impact that has on players, staff, and fans, as well as on the remainder of the league."
“This deadline was set to give enough time for the buyers to provide the information needed and for the transaction to complete."
Today, The Times has claimed that the Gallagher Premiership club has one-week to complete the deal with the US consortium or for Mick Crossan, the current owner, to commit to supporting the club financially next season.
Players and staff at the club have also been told that the proposed buyers will be submitting key documentation to Twickenham officials today.
If the matter is unresolved, then Irish will become the third club to follow Worcester and Wasps in dropping out of the English top-flight.
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