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SBD Global/February 20, 2014/Finance

Heineken Cup Organizers To Withhold February Payments To Participating Clubs

Premiership Rugby has accused European Rugby Cup Ltd. of "being in breach of contract after the Heineken Cup organisers again voted to withhold the February instalment of payments that it owes to all participating clubs," according to Alex Lowe of the LONDON TIMES. The English clubs are owed £1.58M ($2.64M) and will "seek further legal advice, having already consulted their lawyers after ERC first voted to defer the payments" on Feb. 5. The four Welsh regions are waiting for £800,000 ($1.34M) and "they were forced to accept an emergency loan from the Welsh Rugby Union earlier this week." The board of ERC voted to withhold the payments until March 11 due to the "potential liabilities it would face if, as seems increasingly likely, the company is wound up in the summer and a new European cup competition established instead." Although the decision is "unlikely to derail work towards the establishment of new European competitions, run by a newly-formed company in Switzerland, Premiership Rugby believes it exacerbates the situation" (LONDON TIMES, 2/19).
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