USA RUGBY FILES FOR BANKRUPTCY

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   https://www.sportindustry.co.za/news/usa-rugby-files-bankruptcy
USA Rugby has filed for bankruptcy, with its financial troubles exacerbated by the coronavirus pandemic.

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.

"Existing financial challenges have been accelerated by the impact of the COVID-19 pandemic on rugby activities," USA Rugby said.

It said the suspension of competition resulted in "significant loss of revenue from spring and summer membership dues, sponsorship drawbacks and additional revenue sources."

The bankruptcy filing includes a plan for a financial support package approved by the executive committee of the global governing body World Rugby.

That will bolster the federation through reorganisation, with World Rugby and other creditors to sign off on an eventual restructuring plan.

The men's and women's national teams, in 15s and Sevens, will continue "to compete as normal" when rugby returns after the pandemic.

"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.

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Transvaal Members Profile Send Private Message Find Members Posts Add to Buddy List Admin Group Joined: 30-Mar-2016 Status: Offline Points: 39071	Post Options Post Reply Quote Transvaal Report Post Thanks(0) Quote Reply Topic: USA RUGBY FILES FOR BANKRUPTCY Posted: 03-Apr-2020 at 10:09am
	https://www.sportindustry.co.za/news/usa-rugby-files-bankruptcy USA Rugby has filed for bankruptcy, with its financial troubles exacerbated by the coronavirus pandemic. 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. "Existing financial challenges have been accelerated by the impact of the COVID-19 pandemic on rugby activities," USA Rugby said. It said the suspension of competition resulted in "significant loss of revenue from spring and summer membership dues, sponsorship drawbacks and additional revenue sources." The bankruptcy filing includes a plan for a financial support package approved by the executive committee of the global governing body World Rugby. That will bolster the federation through reorganisation, with World Rugby and other creditors to sign off on an eventual restructuring plan. The men's and women's national teams, in 15s and Sevens, will continue "to compete as normal" when rugby returns after the pandemic. "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.