Cornish Pirates statement: Financial outlook after Truro FC sale
English Championship club Cornish Pirates have provided fans with a financial update following the sale of partner football club Truro City to Canadian investors. It was March 2022 when benefactor Dicky Evans explained he would be ending his 27-year association with the rugby club he had funded on its journey from the seventh tier of English rugby to play in the professional second tier.
At the time, he set a three-year deadline to phase out his funding and find new owners for the Pirates and a similar approach would be taken regarding Truro FC after hopes that both clubs could be housed in a new Cornwall stadium were dashed.
It was during the 1990s when the Kenyan-based Evans, who owns Kernow Sport Ltd (KSL), originally saved the Pirates from bankruptcy and after selling his stake in 2014, he returned two years later after they were hit by financial problems.
A statement on Thursday about the football club’s sale and what it means for the rugby club going forward read: “On November 30, Truro City Football Club management and players and Kernow Sport Ltd players and shareholders were told of the sale of TCFC to Ontario Inc (OI), a Canadian sports consortium.
“The board of Kernow Sport has had to take some very difficult decisions to ensure that both Cornish Pirates and Truro City remain viable going forward. With the ambitions for the Stadium for Cornwall unable to be realised by the Cornish Pirates, and the need for Truro City to have a ground to return to in time for next season, steps were taken to secure new owners for the club.
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Our first Sunday at The Mennaye this season! We’re pleased to be joined by @cornwallmandown, with an exciting announcement coming next week and by Gareth from Barbiere Truro for our @MovemberUK charity shave off. pic.twitter.com/I8Tyf8yKoQ
— Cornish Pirates (@CornishPirates1) November 23, 2023
“An offer came from the directors of Ontario Inc to acquire TCFC, fund its operation going forward, and develop the Langarth site. In the KSL directors’ view, this offered the best chance for Truro City to continue to succeed.”
Evans said: “I’m sad to lose TCFC. It has been a pleasure to support their ambitions, see them promoted, and have started to build their new home in Truro. We pass on a great club with a bright future and I wish them well with their new owners.
“It is a sadness for Pirates to have to give up their ambition for a permanent home in Truro but the bigger reality of my declining health and sunset funding means that sensible governance decisions need to be made to secure the future of both clubs.
“With TCFC in good hands, I am now totally focused on passing on the Pirates baton to new rugby owners. Cornish Pirates will remain in Penzance, their home and heartland. We may have lost the Stadium, but we have gained control of our own destiny.”
Pirates chairman Paul Durkin added: “In the face of all the publicity about failing rugby clubs and the total lack of clarity from the RFU on the rugby structure and more importantly on funding going forward, I am proud to say that Pirates is financially secure and will continue to compete within the top 20 of English rugby.
“The club is an essential part of the fabric of Cornwall with a loyal fan base and widespread commercial and community support. As a safe bet, we are as good as it gets.”
The strength of that support is reflected in KSL having 500 new fan owners, with the largest investors confirming their funds are to remain with KSL to support Pirates.
“We know that a minority of new investors came in to support the football club,” explained KSL CEO Rebecca Thomas. “While they will remain shareholders in KSL, we have passed on a percentage of the crowdfunding raise to TCFC to honour their wishes.”
The directors of Ontario Inc added: “We are delighted to complete the takeover of Truro City Football Club. The club stands on the cusp of a new dawn and we are honoured to be leading Truro City into what promises to be another history-laden chapter in its long and distinguished history.
“We must place on record our thanks to Dicky Evans and the previous ownership for the work they have done in ensuring the club’s survival through the turbulence of the Covid-19 pandemic and for steering it throughout its time in exile these past few seasons.”
Comments on RugbyPass
Can’t see Toulouse beating Leinster at this rate.
7 Go to commentsADP was having a very average game until winning that penalty for Toulouse, sticking his big head in the way. “The head of God”?
7 Go to commentsHarlequins doing their best to do as little damage as possible with all the possession. Looks like they skipped catch and pass drills this week.
7 Go to commentsSeeing pictures of Jacques high-fiving it with Irish players breaks my heart. Too soon. I need more time.
1 Go to commentsquins is all over the place. The minute they get the ball they panic. Quins can still win tho just need to win all rucks otherwise just don't bother.
7 Go to commentsGreat wins for the male & female kiwi sides. Ireland not far away..
1 Go to commentsWhy is this dude getting so much coverage? Usually knobs like this get cancelled.
2 Go to commentsWow. What was that? A 3 million word meandering article about what exactly?
1 Go to commentsNice piece of writing. And yes the Sharks pulled a rabbit from the hat and were a little lucky with that penalty try that wasn’t given… however the Sharks (with their resources) should be way more consistent and should be putting teams like Claremont away for breakfast. I expect more from them and hope they kick on now.
8 Go to commentsJust what the Sharks needed to get things going in the right direction Defence on the outside really creates havoc for the whole team and needs to be addressed.
8 Go to commentsWell done guys both teams will be ready to play knockout rugby.
1 Go to commentsSurprised that Ramos isn't starting at 15. But what a squad of galacticos!
2 Go to commentsWhy is it a snub? What journalistic garbage is that? Sure the guy is a great player, but there are plenty of loose forwards and not all of them can be Springboks. Also, I know of no-one who doubts Rassie’s judgment. South Africa has a conveyor belt of loose forwards that just keeps producing, so the competition is intense. I certainly wish him well, but there is no entitlement and there is no snub.
17 Go to commentsSkelton may be brought back for the Wallabies so that would be the only reason that may hinder Wilson. Easily the form, most skilful and game IQ of any Oz 8. Valentini’s best and favourite position is 6, but lineouts may be an issue with Skelton, Valentini and Wilson. Will be interesting what Schmidt goes for but for me Wilson should be picked on form. Schmidt rewards work rate, skill and consistency. All that glitters every so often won’t be in contention. Greely is one of those players that has a knack of making the right decision. A coach is going to love him because he knows week in week out he’s going to get the job done. The second try Greely wasn’t the guy who made the initial break it was Flook, Greely was at the bottom of the ruck when Flook was off along the sideline. Greely got up and made the effort to catch up with play but also read the play nicely and hit the pass from Campbell at pace and then held the pass beautifully to Ryan.
6 Go to commentsSpot on Ben. Dead right. Havili looked great at 10. Easily the highest rugby IQ of any NZ player these days. Getting a kick charged down is a result of getting used to adjusting your depth to the line at 10, which he will sort out with time. But other than that it was an outstanding first effort in that position this year. I think the NZ media has misunderstood this directive from Razor. Havili might rank behind B Barrett this year, but Beuden is 33 this month and won't last much longer. DMaC is great but flaky and not really a test match animal (his efforts in Dunedin versus Aus last year for example). If Razor can't have Mounga, DMaC is too unstructured for Razor (and is just too small for test rugby). Havili will end up our first choice first five, and in partnership with Jodie will be excellent. Two triple threat operators in tandem, and big bodies and tough tacklers to boot. Jordoe will be the ABs goal kicker. I am an Aucklander and Blues (and Warriors) fan, but Havili at 10 is going to be sensational in time… he can be the best first five in the world by the end of this year. No question.
6 Go to commentsSharks deserved to be far further back by the last quarter. Their tackling was awful, their set pieces were disappointing, their defensive organization was poor (especially on the Kok side of the D line), they kept making unnecessary errors, and they never looked like cracking the Clermont defense during those first 60m. Masuku kept them in touch, with some help from the Clermont generosity on penalty opportunities. Agree with the writer of this article. It was belligerence, and ability to raise their pressure game just enough, that turned the last quarter into a Bok-style shutout. Clermont have a reputation of not playing the full 80m, and there was a bit of that for sure. But, quite often when the intensity of a team drops off in the last quarter credit is due to the opponent for tiring them out. At 60m, with the Kok try, you thought that just maybe the game was on. At 70m, with the Mapimpi contribution, one felt that Clermont were fading, while facing a team that would maintain the pressure game through the final whistle. Good win in the end, but the Sharks are still playing way below their potential. And with their resources, and a coach that has had enough time to figure things out, they are running out of excuses.
8 Go to commentsGood riddance
1 Go to commentswel the crusaders were beaten by a queensland reds side that hadnt beaten them at home since 1999 and queensland reds partied like it was 1999
6 Go to commentsHard to disagree with the 5 points - with the exception that Wilson should be a squad member but, depending on the other loose forward selections, is not yet a shoo-in. McReight is. Aussie is looking a lot better this year and JS has some selection options. Also, Havili’s tendency to get caught, charged down is also a liability at times but he seemed focused (mostly) and is definitely a consideration for utility back-up. Still feel Reihana is a better prospect at 1st five for Saders.
6 Go to commentsYeah nah, still not sure on Havili tbh. Even though I’m a Crusaders fan through and through I’d be stunned if Razor considers him after seeing some of the stunning talent coming through up North.
6 Go to comments