Information regarding Scottish Rugby Union loan: FOI release

Information requested

With reference to the Lending Facility Agreement (LFA) signed by the parties on 25 & 26 March 2021 respectively, I now seek information under FOISA regulations, as follows:

1. Has the full fund of £5 million been drawn down? If so, on which date(s)?

2. In terms of the Undertakings given by the Borrower at Section 5.1 in the LFA, have the notifications / documents required as at sub-Sections 5.1(i) [changes in senior management personnel*] & 5.1(ii) [submission of quarterly financial reports] been satisfactorily provided to the Lender (the Scottish Ministers)? *Including recent appointments of a replacement Chief Operating Officer and Operations Director.

3. Are the Scottish Ministers satisfied that the provisions at Sections 7.1, 7.2 & 7.3 (senior management remuneration / restrictions upon bonus awards and pay rises, etc.) in the LFA have been satisfied by the Borrower?

Response

The answer to your question is:

1. The full fund has been drawn down by the borrower. A single draw down of all £5m was made on 15 April 2021.

2. The borrower (the Scottish Rugby Union) has provided notifications and documents to the satisfaction of the Scottish Government (the lender).

3. The Scottish Government is satisfied that the conditions of the contract have been met by the borrower (the Scottish Rugby Union).

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