Premiership club Leicester up for sale
NEWS: Premiership rugby club Leicester Tigers has put itself up for sale.
The announcement follows CVC Capital Partners’ acquisition of a minority stake in Premiership Rugby Limited. CVC intends to develop the sport, repeating its success with Formula One and Moto GP.
According to the statement, CVC’s investment sparked several expressions of interest in the Tigers from new investors, prompting the Board to run a formal sale process in the best interests of the club, its players, supporters and shareholders.
Peter Tom CBE, Leicester Tigers Executive Chairman, said: “CVC’s investment in Premiership Rugby has created a unique opportunity – catapulting the sport into the public consciousness like never before and broadening its appeal to potential investors. It is our duty as a Board to explore the Club’s strategic options and assess the best possible ownership structure to benefit from the changes ahead on and off the pitch.”
Tigers are the most successful club of the professional era, winning more titles than any other English team. The club’s games are the most-watched and best-attended in English rugby and the club has a 90 percent season ticket renewal rate. The club is ideally positioned to capitalise on the new investment coming into the game.
The pay-out to Tigers from the Premiership Rugby stake sale to CVC means the club has no net debt and can look forward to greater incremental revenues as CVC’s marketing and commercial strategy gathers momentum and grows the game.
This makes the Tigers an attractive opportunity for an investor that shares the Club’s vision, with the ability to grow commercial revenues and accelerate development plans to the benefit of players, staff and fans.
Simon Cohen, Leicester Tigers Chief Executive Officer, said: “The investment and changes in English Premiership rugby present a huge opportunity for the Club and a new investor. As the most prestigious club in English rugby, this development will further support Leicester Tigers in its ambition to be the most successful club in England and Europe, to the benefit of our players, the Club and our loyal supporters.”
According to the BBC, the Premiership side is seeking a price of about £60m.
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