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Leicester Tigers end their nine-month search for a new owner
By Online Editors
Leicester Tigers are no longer up for sale after the club pulled the plug on the process due to a lack of offers. It was June last year, on the back of the dividend received by CVC Capital Partners buy into the Gallagher Premiership, that the club was put on the market in the hope that a potential £60million sale could help the Tigers return to the top of English rugby again.
At the time, the CVC pay-out had left Tigers debt-free and club officials believed their set-up was now an attractive opportunity for an investor to grow commercial revenues and accelerate development plans.
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However, those aspirations have not come to pass in the nine months since, resulting in Leicester’s Wednesday morning announcement via their website that the club was now off the market and instead some new appointments had been made to the board.
“The board of Leicester Tigers confirms that the formal sale process initiated on June 25, 2019, under the city code on takeovers and mergers, has now ended and the company is no longer in an offer period as defined under the code,” read their announcement on leicestertigers.com.
“Despite a high level of interest from potential new investors, the board has concluded that it is unlikely an offer for the company will materialise from an investor who shares the club's vision of the future and at a value attractive to shareholders.
“The board has made a number of appointments to ensure it has the necessary mix of skills and experience in order to implement its strategy for the club. It is delighted to announce the appointments of Fintan Kennedy and Duncan Green as non-executive directors.
“Taken together, the impact on an uncertain market of Brexit and now Covid-19 have created significant challenges for all clubs this season.
“It nonetheless remains the case that attractive growth opportunities are within English rugby’s grasp and will benefit clubs, players and fans alike.
“Given its status as the country's premier rugby club in terms of supporter base and track record, the board is optimistic that its strategy for the club will return it to the top of the English and European game as rugby attracts new audiences and explores exciting new opportunities.”
Executive chairman Peter Tom said: “While we were pleased with the level of interest in the club, none of the prospective new investors were judged to fulfil our criteria.
"Now our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the wellbeing of Tigers staff, players and fans.
"We have devoted considerable energy to improvements on and off the field and remain confident that we have the right long-term strategy for the club.”
Kennedy brings a wide range of finance experience and is a fellow of the Institute of Chartered Accountants in England and Wales. He currently serves as finance director of Sealyham Investments and holds non-executive directorships with Super League Triathlon and the Financial Services Opportunities Investment Fund. He will chair the audit committee.
Green is managing partner of Pick Everard, which he joined in 1983. A chartered civil engineer, he is also a trustee and director of the Leicester Grammar School Trust, local charity Hope Against Cancer and a member of the Leicester Cathedral development board.
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Stephen Larkham, Mick Byrne, Scott Wisental, Ben Mowen, Les Kiss, Jim McKay, Rod Kafer.
There are plenty of great Australian coaches who could do a better job than Schmidt.
Go to commentsThis piece is nothing more than the result of revisionist fancy of Northern Hemisphere rugby fans. Seeing what they want to see, helped but some surprisingly good results and a desire to get excited about doing something well.
I went back through the 6N highlights and sure enough in every English win I remembered seeing these exact holes on the inside, that are supposedly the fallout out of a Felix Jones system breaking down in the hands of some replacement. Every time the commentators mentioned England being targeted up the seam/around the ruck or whatever. Each game had a try scored on the inside of the blitz, no doubt it was a theme throughout all of their games. Will Jordan specifically says that Holland had design that move to target space he saw during their home series win.
Well I'm here to tell you they were the same holes in a Felix Jones system being built as well. This woe is now sentiment has got to stop. The game is on a high, these games have been fantastic! It is Englands attack that has seen their stocks increase this year, and no doubt that is what SB told him was the teams priority. Or it's simply science, with Englands elite players having worked towards a new player welfare and management system, as part of new partnership with the ERU, that's dictating what the players can and can't put their bodies through.
The only bit of truth in this article is that Felix is not there to work on fixing his defence. England threw away another good chance of winning in the weekend when they froze all enterprise under pressure when no longer playing attacking footy for the second half. That mindset helped (or not helped if you like) of course by all this knee jerk, red brained criticism.
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