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Exeter Chiefs statement: Asset sold to Tony Rowe
By Ian Cameron
Exeter Chiefs have confirmed that they have sold a 'percentage of shares' in a hotel to the club chairman and CEO Tony Rowe.
RugbyPass understands that the sale - which was flagged last month by the club - will go towards servicing the club's debts.
Exeter, long considered the most financially liquid of the 11 remaining Gallagher Premiership sides, held an EGM to affirm the sale of the asset, which they have revealed to be shares in the Sandy Park Hotel.
A statement published on the club website reads: "Members of Exeter Rugby Club on Wednesday night passed a resolution for a percentage of shares in Sandy Park Hotel Limited to be sold to club chairman and chief executive, Tony Rowe OBE.
"The sale of the shares mean Mr Rowe now has a majority stake of Sandy Park Hotel Limited moving forward, but that the Rugby Club itself still maintains a sizeable percentage of the shares themselves.
"The fee paid for the shares by Mr Rowe not only provides an injection of capital to keep cash flow going, but will also help service substantial debts accrued by Exeter Rugby Club due to the impact of the Covid pandemic in 2020.
"Part of the resolution was also that directors shall use their best endeavours to retain at least 26 per cent shareholding in Sandy Park Hotel Limited and also prior to any disposal of shares they will likewise use their best endeavours to enter into a Shareholding Agreement to ensure that in the event of the company at any time selling a part or whole of a minority holding in Sandy Park Hotel Limited, no discount shall be applied to the value or the shares on account of their being from a minority holding.
"The club will be making no further comment on the matter," concludes today's statement.
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Latest Comments
He nailed a forward on this tour (and some more back in the NPC before he left lol)!
I know what you mean and see it too, he will be a late bloomer if he makes it for sure.
Go to commentsSo John, the guys you admire are from my era of the 80's and 90's. This was a time when we had players from the baby boomer era that wanted to be better and a decent coach could make them better ie the ones you mentioned. You have ignored the key ingrediant, the players. For my sins I spent a few years coaching in Subbies around 2007 to 2012 and the players didn't want to train but thought they should be picked. We would start the season with ~30 players and end up mid season with around 10, 8 of which would train.
Young men don't want to play contact sport they just want to watch it. Sadly true but with a few exceptions.
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