A CONSORTIUM led by Jed McCrory has completed its takeover of Worcester Warriors.

A club statement said the primary funder is Errol Pope alongside McCrory, Scott Priestnall and former Saracens and Sale Sharks player David Seymour.

Speculation over the prospect of a deal has been rife since December 2017 with club bosses keen to move on the loss-making Gallagher Premiership outfit.

McCrory and his colleagues continued to thrash out terms despite competition from the Scottish Rugby Union and tentative interest from unnamed parties.

The prospect of a deal courted national media attention with McCrory, formerly chairman of Swindon Town Football Club and later a director of National League Solihull Moors, complaining to the Independent Press Standards Organisation (IPSO) over coverage by The Times.

The dispute was settled by a mediated outcome in which The Times acknowledged "statements were incorrect" in what had been published and apologised to McCrory. 

Previous owners Sixways Holdings Limited put the club up for sale in September 2017 with the land included in an asking price of £26.7million.

Latest available accounts show Warriors lost an eyewatering £8.1million for the 2016-17 season due in part to spiralling wages.

Had it not been for shareholders writing off loans totalling more than £20million, losses for the previous season would have come to £6.6million with the club having shipped £5.5million in the year before that.

Warriors released a statement this morning confirming the takeover deal.

It read: "Pope is a finance specialist in property and commodity trading and has a passion for community-led projects in sport.

"The new owners are committed to keeping the club at Sixways and investing above a certain threshold into the rugby budget.

"They have plans to further develop the Sixways site to generate additional income with the intention of making the club self-sustainable and achieving long-term success both on and off the field."

Warriors chairman Bill Bolsover, who will remain on the board, said: “Having met with numerous potential new owners and investors we have found long-term owners who are capable of taking the club to the next level.

“Our search has been extensive and the whole process has been a thorough one to ensure we found the right owners who have the backing to take this club forward.

“The new owners have that backing and, with it, a clear vision to ensure Warriors can achieve long-term success and become one of the top clubs in the Gallagher Premiership.

“They have shown that they have the capability and commitment to invest millions of pounds into Warriors to further develop the club.

“As a board we believe the new owners has inherited a club with huge potential both on the pitch and commercially.

"The club is blessed with talented players, staff and coaches so we are all excited about the future.

“We would like to thank Livingstone Partners for their hard work over the last year to facilitate the club’s sale.

“We would also like to thank Sixways Holdings Limited and Cecil Duckworth, who will remain as president, for their past investment and support, which has helped the club become what it is today.”