«Breaking Pic News» 'They will cherish the game': Saracens chief Nigel Wray backs £275m Premiership buyout offer

Premiership clubs are weighing up whether to approve a buy-out of the league by private equity firm CVC Capital Partners — who have offered £275million for a 50 per cent stake.

It is understood that other investment proposals are also under consideration and the CVC bid is due to be discussed at a meeting of PRL’s executive committee next week.

Some clubs regard the £550m valuation of the league as too low.

Saracens chief Nigel Wray (pictured) has backed the £275m rugby Premiership buyout offer

The Premiership is in talks over deal to sell controlling ownership to private equity firm

BREAKDOWN

Who are CVC? A private equity firm which has about £53billion in assets. 

Who owns PRL? The 12 Premiership rugby clubs plus London Irish. Yorkshire Carnegie sold their shares to Exeter in 2012 and there has not been any change in shareholding since. 

Can the RFU stop the takeover? No, they don't have any say in ownership rights of the league.

Has CVC been in sport before? Yes, a decade-long period in charge of F1 which yielded £8bn in profits. 

What does it mean for the clubs? An initial £17m payout which could clear debt.

What could CVC bring? A strong partnership with Sky which could see the broadcaster come in for TV rights. 

Saracens owner Nigel Wray has expressed support for the option of much-needed financial input by a company who bought 70 per cent of Formula One in 2006 for £1.3bn and sold it last year for £6.2bn.

While some will seek assurances about CVC’s long-term motives and intentions, Wray said: ‘The money would be invested in the game. CVC would only take 50 per cent — not 51.

‘The clubs would still have balance and a much better business. To bring in a very strong financial partner, well respected, with huge experience in sport via Formula One, is a very good move. They will cherish the game.’

The matter will be debated by the 12 current Premiership clubs along with London Irish — who are in the Championship but still full PRL shareholders. Speaking to Rugbypass, Wray added: ‘There will be 13 clubs who decide on this. I don’t know if it has to be unanimous.

‘If there are other proposals that are even better, then great. We need massive investment. If it arrives, it will be a positive game-changer. Saracens would support consideration of this offer.’ 

CVC's relationship with Sky could see them return to negotiating table for club rugby TV rights

Most clubs continue to suffer significant losses and last year only Exeter made a profit. The proposals present a chance to clear debts and invest in squads and facilities, but may also lead to ring-fencing of the Premiership — either officially or by default — by virtue of a vast financial gulf between the top division and the rest of the domestic game.

Concerns have been expressed about the prospect of heightened tensions between the clubs and the RFU, or an impact on the agreement over player release for England training camps.

England head coach Eddie Jones said he would watch developments with interest, but was not concerned that a takeover would have an adverse effect on the national team.

Speaking at a press conference at St James’ Park in Newcastle, Jones said: ‘It has no bearing on what I do, so the only thing I do is read it with interest and that’s about it.’

Asked if he feared new ownership might bring further restrictions to an at times fractious club v country relationship, he replied: ‘No.’

Link article

https://hienalouca.com/2018/09/06/they-will-cherish-the-game-saracens-chief-nigel-wray-backs-275m-premiership-buyout-offer/
Main photo article Premiership clubs are weighing up whether to approve a buy-out of the league by private equity firm CVC Capital Partners — who have offered £275million for a 50 per cent stake.
It is understood that other investment proposals are also under consideration and the CVC bid is due to be discussed at ...

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