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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Jack Ma’s Ant Group to Plan Consumer Finance Firm

(Bloomberg) — Jack Ma’s Ant Group is planning to create a new consumer finance company to bolster its market share in the country’s fast growing online lending industry.

Ant is working with Nanyang Commercial Bank Ltd., China TransInfo Technology Corp. and Contemporary Amperex Technology Co. to build a consumer finance platform that will focus on doling out loans to individuals in China, people familiar said, requesting not to be named because the matter is private. The Chongqing incorporated company will have a registered capital of 8 billion yuan ($1.2 billion).

China TransInfo Technology jumped as much as 10%, the daily limit, while Contemporary Amperex Technology rose 4.3% in the afternoon trading session.

The new entity would boost Ant’s lending capacity since consumer finance companies are allowed to lend out 10 times their capital. That would far surpass the two to three times leverage of Ant’s existing micro-loan companies in Chongqing,

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