Former City lawyer tasked with reviewing demise of Wasps and Worcester Warriors in Premiership Rugby financial review
Legal heavyweight Sir Nigel Boardman, a former partner at City law firm Slaughter and May, has been appointed to lead a review of the financial crisis engulfing Premiership Rugby.
Boardman, 72, led the government inquiry into the Greensill Capital lobbying row in 2021 and last year called time on a near-50-year stint with the Magic Circle law firm.
His task at Premiership Rugby will include examining how two of its clubs, Wasps and Worcester Warriors, went into administration earlier this season.
The move is a first step in England’s top division establishing a financial monitoring panel, which will be followed by a new sporting commission formed of independent members.
“Financial reform of professional elite rugby in England is at the top of Premiership Rugby’s agenda and today’s announcement is a significant step forward for us,” said chair Martyn Phillips.
“When Worcester Warriors and Wasps went into administration it was a devastating blow to two communities and professional rugby in England.
“Sir Nigel will begin a vital process that will see the establishment of a Financial Monitoring Panel (FMP), supported by a fit for purpose regulatory framework, to have better oversight of Premiership clubs’ financials and to put necessary safeguards in place to ensure our clubs become financially stronger and more sustainable in the future.”
Boardman specialised in M&A, helping Marks and Spencer fend off a takeover attempt from Sir Philip Green and also working on notable deals with Shell and Vodafone.
He also acted for the government during the financial crisis, when a bailout prevented the Royal Bank of Scotland from going to the wall.
And the Arsenal season ticket-holder was also able to mix business with pleasure by representing the Gunners in sports law matters.
“To have secured someone of Sir Nigel’s calibre to lead this review is a major boost to our strategy,” added Phillips.
“Once the review is carried out we will form a Financial Monitoring Panel to ensure clubs become financially stronger and protect the integrity of Premiership Rugby and its stakeholders.”