A consortium keen to own Toronto Wolfpack will open dialogue with the RFL and Super League this week, with a view to purchasing the club.
After talks with numerous groups, Toronto Wolfpack has identified a preferred buyer who has been a shareholder since the club’s inception, in 2017.
The new owner, who plans to keep the franchise in Toronto moving forward, is committed to meeting all liabilities on the club’s 2020 payroll, with staff having not been paid for the past three months.
“We were talking to various group but one potential new owner came through as a strong frontrunner,” the club’s UK General Manager, Martin Vickers told TotalRL.
“We will proceed to dialogue with Super League and The RFL,” he said. “There are a number of requirements the consortium will have to meet, in terms of financial viability and long-term objectives, but they are more than happy to meet those requirements and will be providing the required information this week.
“There are several things that have to be considered, not just re-participation at Super League level. The RFL oversees any change in ownership models and arrangements so we will have to work with both of those parties and we have started that process today.
“In our view, this is a very strong, sustainable financial proposition. As an original shareholder, the investor has some knowledge of the club and is committed to fulfilling its 2020 payroll liabilities.”
Though aware that it is likely to be a complicated process, Vickers is confident the change of ownership can be completed swiftly, with Super League initially setting the club a deadline of August 31st to lay out their plan for the future, after terminating their participation agreement earlier this month.
The Wolfpack dramatically pulled out of Super League days before its restart, a bombshell which came while players were waiting to be paid.
“The RFL and Super League are looking for business plans; what long-term plans the group has for taking the club forward. It is all part of the due diligence process we are working on with the new potential owner, but in the forthcoming days we will be sharing that information.”
The news comes amid a shift of opinion across Super League. Initially, there was understood to be a preference for running with an eleven-team competition in 2021, but there is now thought to be a growing hunger for full, twelve-team competition, whether or not that includes Toronto.