Wolfpack: Group behind N.Y. bid pulls out of sweepstakes

A group looking to bring rugby league to New York has pulled out of the Toronto Wolfpack sweepstakes, citing the cost of reviving the troubled transatlantic franchise plus complications involving minority shareholders.

New York Rugby League was one of four groups looking over the Wolfpack’s financials.

“We’ve withdrawn quietly,” said Ricky Wilby, bid lead for the New York outfit. “We’ve done probably about two weeks worth of research and due diligence into the Wolfpack and where they are. And financially it just doesn’t make sense for us to get involved, if we’re being completely honest.”

The Wolfpack stood down July 20, saying they could not afford to resume play with the other 11 teams in England’s Super League. The team was subsequently put on the selling block with majority owner David Argyle saying he was stepping aside.

The Wolfpack says three potential buyers are still examining the franchise’s books: one from Canada, one from the United Kingdom and a third from the U.S. They face a deadline with Super League, which tore up Toronto’s participation agreement in the light of the team’s withdrawal, saying an application to return to the league will have to be submitted by the end of August.

Wilby said it would have taken close to $10 million (U.S.) to keep the Wolfpack afloat for the next 18 months — some $3 million through the end of this year (including debt and unpaid wages) and another $6 million next year.

“And that’s all while not owning 100 per cent of the club,” he added. “The minority shareholders were really hanging on, wanting to be paid out.