Gloucester chief warns club will be out of business in six months without bailout plan

Gloucester have laid bare the extent of the financial crisis gripping English professional rugby, warning that the 147-year old club will go out of business within six months without a government bail-out.

Lance Bradley, Gloucester’s chief executive, has revealed to Telegraph Sport the full details of the financial woes, forecasting that the club will run out of cash before March following a predicted loss of revenue of £6.2 million due to the restrictions imposed by the Covid-19 epidemic.

The dramatic revelations come on another bleak day for the sport, with Peter Tom, the Leicester Tigers chairman, describing the new restrictions on crowds as a “disaster” that “threatens the future of the Premiership”.

Worcester owners Colin Goldring and Jason Whittingham, meanwhile, warned that playing matches behind closed doors for another six months was not “sustainable for this club nor for the Premiership as a whole”.

The chief executives of

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UK Finance chief Stephen Jones quits over sexist Amanda Staveley comments

The head of UK banking’s industry group has stepped down over historic sexist comments he made that had recently come to light in a court case.

UK Finance confirmed late on Tuesday that its board had accepted the resignation of Stephen Jones. Jones, who has headed the powerful industry group since 2017, tended his resignation after coverage of comments he made in 2008 while at Barclays (BARC.L) bank.

The High Court heard earlier this month that Jones made “deeply unpleasant personal comments” about Amanda Staveley, a high-profile financier.

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The court was told on Friday that Jones referred to Staveley’s firm as “a bunch of scumbags” and “f*****s”, according to The Times.

The comments came to light in a High Court case between Staveley’s firm, PCP Capital Partners, and Barclays related to a financing

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Nokia names new finance chief in management revamp

By Tarmo Virki

(Reuters) – Finnish telecoms equipment maker Nokia <NOKIA.HE> named a new finance chief on Thursday, completing an overhaul of its top executive team as it battles rivals Ericsson <ERICb.ST> and Huawei [HWT.UL] for work on lucrative 5G networks.

The company said Marco Wiren would join from Finnish engineer Wartsila <WRT1V.HE> and take over from Kristian Pullola as chief financial officer (CFO) from Sept. 1.

Nokia’s new Chief Executive Pekka Lundmark will also take the helm in September, while last month Sari Baldauf started as chairwoman, succeeding Risto Siilasmaa who had led the board for eight years.

Nokia, which axed its dividend after a profit warning last October, has been trying to tackle costs and delays in shipments as it vies with Sweden’s Ericsson and China’s Huawei.

“Nokia has clearly had challenges with balance sheet and cash flow, which has created additional pressure for renewal on the financial

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