EXCLUSIVE: It's real...Nigel Wray reveals further details of Premiership takeover plan
Saracens owner Nigel Wray today confirmed to RugbyPass that private equity firm CVC Capital Partners has tabled a £275m deal to take up 50 per cent of Premier Rugby Ltd but made it clear the money would not buy control of the English clubs and would not trigger further conflict with the Rugby Football Union.
There is another offer being discussed which is understood to be backed by Bath’s Brue Craig who considers CVC’s valuation of the league of £550m falling short of what could be generated by the 12 top flight clubs and London Irish who also have a share in PRL.
The Times revealed the move but Wray insists they are wrong to suggest CVC would take up a 51 per cent controlling interest in the new business.
The PRL clubs lose £30m annually and need massive cash investment help upgrade facilities with Saracens planning to spend more than £30m on a new stand at Allianz Park. Bath, Harlequins and Newcastle also looking to upgrade their stadia. The CVC offer will be discussed by PRL next Tuesday at their executive committee. CVC bought a 70 per cent stake in Formula One in 2006 for about £1.3 billion and last year sold F1 to Liberty Media for around £6.2 billion.
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Wray revealed to RugbyPass that the PRL clubs have collectively put in around £500m to fund professional rugby in England and the CVC deal would not see those backers walk away with millions. “The money would be invested in the game” insisted Wray who is now sole owner of Saracens.
“The details that have been revealed are correct but CVC would only take 50 per cent not 51. The clubs would still have balance and a much better business. I believe the Premiership clubs have over the last 25 years invested £500m in the game and no one else has done that and no one has cashed in their chips and run away – they have continued to invest in the game. To bring in a very strong financial partner like CVC, well respected, huge experience in sport via Formula One is a very good move. They will cherish the game and we can all argue about how much they will pay but it is vital to get a trusted financial partner to take the game forward.
“It will give us much greater strength and all the clubs including Saracens need money to invest in their grounds and other capital projects plus academies and we will need considerable investment. No one is suggesting that any of the CVC money would be taken by clubs as a dividend – if it arrives it will go back into the sport and is a real positive gamechanger.
“There will be 13 clubs who decide on this and I don’t know if it has to be unanimous and if there are other proposals that are even better then great. I have heard vaguely of another one and there are other ways of raising money. Whatever happens it will be very good for game because we need massive investment. Suggesting it will make the RFU and clubs more adversarial – why would that be the case? Why can’t we work together to improve revenue for the game as a whole?
“Saracens would support consideration of this offer because the game needs a good financial partner and clearly more investment is essential. There isn’t a timeline that I am aware of but everything needs momentum and partnership have to be about people trusting each other the build something. “
Premiership Rugby released the following statement: “Premiership Rugby and its clubs have grown quickly in the last five years with the help of major partnerships,” said a Premiership Rugby spokesperson.
“In that time we have extended our reach in America and become the first club rugby tournament to broadcast live matches in China.
“The Board is always considering options for further expansion and the best ways to support that. Inevitably this will attract interest but a decision is not imminent.
“This interest is of course very good news for Premiership Rugby and is a reflection of its growing international appeal.”
Comments on RugbyPass
anybody who bends at the waist when they tackle
3 Go to commentsThe evidence is not strong that this is necessary. Mounga choked on clutch kicks in the WRC final and lost the match by not performing his core goal kicking role to the level required. He also choked in the Semi final against England and was targeted as the weak point in the defence allowing them to score. Not a test great frankly. Why bend the rules for a player that is competent but not brilliant at test level?
11 Go to commentsDear Robbie, Please return to the Crusaders next season. Sincerely, Scott
1 Go to commentsDid the big E call the Irish the ‘White Can’ts’? That would’ve been good
30 Go to commentsDalton Papalii will be lucky to be selected on the Matchday 23. Ardie Savea, Ethan Blackadder, Luke Jacobson, and Peter Lauki are all as good or better openside flankers
9 Go to commentsScott Barrett is a lock and they have a much longer shelf life than a loose forward. Far more likely that Barrett will still demand a starting position based on performance at age 33 at RWC 2027 than Savea, whose explosive athleticism will have declined and he will in all likelihood have been surpassed by Hoskins Sotutu, Wallace Siti, Peter Lauki and Brayden Iose.
9 Go to commentsExtremely frustrating to get yet more speculation over whether or not Eben actually counted 12 players or not, but honestly big respect to McCloskey for keeping it classy and not pointing out Etzebeth’s hypocrisy. The Irish are a popular team outside of Ireland because they do their talking on the pitch, and its honestly a PR masterclass that they’re keeping it that way following Etzebeth’s provocation.
30 Go to commentsGood option for the lineout lost there.
1 Go to commentsIt’s not like Saffas have a long history of spouting absolute shite at any & every occasion. Oh wait… The dangers of an inferior third world education strike again.
30 Go to commentsI’m so glad we’re revisiting this. Really needs to be dissected further. I’m also so glad that a guy in the stands who wasn’t anywhere near the field when any of it would have been said (and even confirms this) has taken the lead and commented as Ireland. Definitely cleared it all up. This article would be hilarious if it wasn’t so misleading.
30 Go to commentsits such a shame he hasn’t achieved more success at club level. He’s really not been a potent finisher for a while now, but he’s still excellent in the kick chase. That’s the kind of skillset that generally only gets appreciated when you’re playing in premiership and european finals. I’m not sure whether the challenge cup counts given the quality of the competition seems lower than in previous years, but his duel with Mapimpi should be enthralling.
1 Go to commentsThe point is the irish players were arrogant,call it like you want sugar coat it aswell but they were you could see it in their way they handeled themselfs on the field when they got something right so dont tell me it was not arrogance it was,you can fool other people but not me,and to say to one of our players see you in the final put a nail in the coffin for this bullsh@t,just be grown men and accept it that you were arrogant,you could if seen it from a mile away, and then you lost to the allblacks what a cocky move that didnt work out for you ,Eben was right when he said u were arrogant,the point is you will deny it because you lost it all just grow some balls and move on we had won you lost accept it.
30 Go to comments“summer tour of North and South America” so its a summer tour of america?
1 Go to commentsEverybody is giving the Irish players the benefit of the doubt in ‘what they meant’, but none of these pundits or commentators offer the same courtesy to Eben. I don’t think Eben went, 1, 2, 3… etc. What might have happened is he didn’t count and when the 3rd or 5th guy said he went, hang on why are so many of them saying this… and then started to concentrate on it more and more as players continue to say it. So no, he didn’t count it, he realised many Irish players said it and made an assumption based on that… The Irish team was VERY confident at the time and I do believe they believed they were going to win the World Cup, which borders a bit on the arrogant side…
30 Go to commentsI can see how some of the Irish players would have said”see you in the final” as a gentle comment after a victory. It’s open to interpretation but it’s clumsy language. I don’t know the fella but I assure you Eben doesn’t have an axe to grind with Ireland. He has never been the media seeking pro. Oh and BTW it is I’ll be our winter in July so won’t be wet.
30 Go to comments*McCloskey*: _I saw this clip. Like, I wasn’t playing that game; I was in the stands…so you don't know sh!t in other words, infact you know just as much as Goode on this matter. I will believe the guy who was on the pitch when things were said as appose to two people speculating over what was said._
30 Go to comments@ turlough dream on buddy. Your boys are in for one tough time down in sa this summer…
30 Go to commentsI think Goode is looking to establish a platform for himself. Eben said “Probably” so that suggests he wasn’t counting. It’s an estimate Goode. I think even with your short and uneventful experience with the Sharks you probably realise winding up Saffas will get you some airtime. It’s a none event. Move on
30 Go to commentsRugby has never been as structured and synthetically pleasing as it is at this moment. The game is simply beautiful and messing with it too much will ruin it for everyone. I can't help but feel that over the past decade or so many rules have been changed to accommodate a certain hemisphere and counter another. Perhaps I am wrong but I somehow don’t think so.
2 Go to commentsNoted some excellent defensive steals from the Rebs last week against the Reds, largely J Canham, I think. It’s not a Rolls Royce but they are a real threat with their defensive line out at the beginning matches. What do you make of Canham Nick, WBs squad material?
86 Go to comments