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  <title>LionsWorld Forum : USA RUGBY FILES FOR BANKRUPTCY</title>
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   <title><![CDATA[USA RUGBY FILES FOR BANKRUPTCY : https://www.sportindustry.co.z...]]></title>
   <link>http://www.lionsworld.co.za/forumnew/forum_posts.asp?TID=8777&amp;PID=52351&amp;title=usa-rugby-files-for-bankruptcy#52351</link>
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    <![CDATA[<strong>Author:</strong> <a href="http://www.lionsworld.co.za/forumnew/member_profile.asp?PF=3">Transvaal</a><br /><strong>Subject:</strong> 8777<br /><strong>Posted:</strong> 03-Apr-2020 at 10:09am<br /><br /><a href="https://www.sportindustry.co.za/news/usa-rugby-files-bankruptcy" target="_blank" rel="nofollow">https://www.sportindustry.co.za/news/usa-rugby-files-bankruptcy</a><div><br></div><div><div>USA Rugby has filed for bankruptcy, with its financial troubles exacerbated by the coronavirus pandemic.</div><div><br></div><div>In a statement posted on its website, USA Rugby said it had filed for Chapter 11 bankruptcy, which allows financially struggling organisations to reorganise and restructure debt.</div><div><br></div><div>"Existing financial challenges have been accelerated by the impact of the COVID-19 pandemic on rugby activities," USA Rugby said.</div><div><br></div><div>It said the suspension of competition resulted in "significant loss of revenue from spring and summer membership dues, sponsorship drawbacks and additional revenue sources."</div><div><br></div><div>The bankruptcy filing includes a plan for a financial support package approved by the executive committee of the global governing body World Rugby.</div><div><br></div><div>That will bolster the federation through reorganisation, with World Rugby and other creditors to sign off on an eventual restructuring plan.</div><div><br></div><div>The men's and women's national teams, in 15s and Sevens, will continue "to compete as normal" when rugby returns after the pandemic.</div><div><br></div><div>"While the current climate is of course much larger than rugby, we remain focused with stakeholders and supporters in the continued effort toward a balanced rugby community where the game can truly grow," USA Rugby Chair Barbara O'Brien said.</div></div>]]>
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