Administrators confident over Welsh deal (From Richmond and Twickenham Times)

Administrators confident over Welsh deal

11:42am Tuesday 30th June 2009 in

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Administrators have revealed that London Welsh are inching closer to survival after a number of consortiums have stepped forward to prop up the cash-stricken club.

The Dragons made the shock decision to enter administration last week after chief benefactor Kelvin Bryon announced he could no longer sustain his financial involvement, leaving Welsh with a £1million plus hole in their pocket.

But Gareth Roberts of Tenon Recovery admits the situation is not as cut and dried as first appeared.

He said: “We have been talking to a number of interested parties for a number of weeks - well before the decision to go into administration.

“The matter of finances have been known for some time but various consortiums have not come up with concrete proposals.

“So in effect the decision to enter administration was really to galvanise these potential investors into formulating their plans, to give a sense of urgency to it.”

The principle consortium, thought to include a number of Welsh businessmen, met RFU officials on Monday to put forward their ideas and there is hope that an agreement can be reached ahead of the chief RFU board meeting scheduled for July 8.

And Roberts revealed there were plenty of others waiting in the wings.

He added: “There are three what I would call serious players in this and I am very hopeful that we can achieve resolution with one of them.

“It is not just about a short-term cash injection but also a plan to take the club forward in the long-term.

“The RFU will want some certainty that the club is safe when the meeting takes place.

“Maybe not absolute certainty, but a pretty good indication that there is a plan in place.

“I am very confident that they will get that indication.”