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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.
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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.
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“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.
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“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
He would be a great player for the Stormers, Dobbo should approach the guy.
3 Go to commentsGood article. A few years back when he was playing for the Cheetahs, he was a quiet standout for exactly the seasons stated here. I occasionally get to see his games in the UK, and he has become a more complete player and in many ways like an Irish player. His work ethic is so suitable to the Leinster game. I wonder if Rassie would have him listed somewhere.
3 Go to commentsResults probably skewed by the fact that a few clubs have foreign fly halves in their 30s, but most teams have young English scrum halves. Results also likely to be skewed by the fact that many teams rely on centres and fullbacks to provide depth at 10, whereas they will need to stock a large number of specialist backup 9s.
1 Go to commentsI really get the sense that when all is said and done, the path of least resistance will end up being a merger of Wasps & Worcester that essentially kills the Worcester Warriors brand and sees Wasps permanently playing at Sixways. I’m not saying that’s what should happen or what I want to happen. I just think it’s the easiest rout to take and therefore, will be what happens. Wasps will definitely return to play first, and I suppose it all depends on if they can find support at Sixways. If people turn up and support Wasps in that community, at that ground, I bet they drop the Sevenoaks plan and just remain at Sixways. Under the radar but not totally unrelated, it looks as though London Irish are going to be brought back from the dead by a German consortium and look set to return, likely to the remade Championship. It’s set to have 12 clubs next season with 14 in 2025/26, what do you want to bet those extra 2 are Wasps and London Irish?
1 Go to commentsThe shoulder is a “joint” with multiple bones. You don’t “fracture” a shoulder, you fracture any one or more of the bones that make up a shoulder.
2 Go to commentsOh dear, bones too suspect to continue?
2 Go to commentsBold headline considering the Canes and Blues are 1 and 2 and the Brumbies were soundly beaten by the Chiefs and Blues. Biggest surprise is Rebels 4 Crusaders 12 - no one saw that coming. If Aus are improving that’s great 👍
1 Go to commentsAnna, You are right, we need to have patience whilst the others catch up to England and France. Also it is the PWR that has been the game changer for England. the RFU put money into that initially at the expense of the Red Roses. I was sceptical at first but it has paid off in spades.
1 Go to commentsI think Matt Proctor became a 1 test AB in the same fixture. Cameron is quality and has been great this season, can’t believe’s he only 27. Realistically how would he not be selected for ABs squad this year. Only Dmac is ahead of him as a specialist 10. With Jordan out, it will come down to where and when Beauden Barrett slots back in, and where they want to play Ruben Love. Cameron seems an absolute lock in for the wider squad though. Added benefit of TJ-Cameron-Jordie combination at 9, 10, 11 too.
1 Go to commentsFarcical, to what end would someone want to pay to keep this thing going.
1 Go to commentsHavili, our best 12 by a mile, will be in the squad, if he stays fit. JB is the most overrated AB in the last 50 years.
61 Go to commentsWe had during the week twilight footy, twilight cricket, tw golf plus there was the athletics club. Then the weekend was rugby 15s plus the net ball, really busy club scene back then but so much has changed and rugby has suffered. And it was all about changing lifestyles.
6 Go to commentsIn the 70s and 80s my club ran 5 Senior sides plus a Vets. Now it is 2 sides with an occasional 3rd team. Players have difficulty getting to training now, not sure why and the commitment is not there. It seems to me more a problem of people applying themselves and not expecting to turn up and play whenever they want to.
6 Go to commentsROG’s contract is until 2027. The conversation about a successor to Galthie after RWC 2027 may be starting now. We can infer that Galthie’s reign stops then. He is throwing the Irish Coaching Job angle in because he is Irish. The next Irish coach MUST be Leo Cullen. As well as being the best coach available, coaching the vast majority of Irish Internationals week in week out, he has shown incredible skill at recruiting the best coaching staff for the job in hand. That was a failing in France. Cullen is a shrewd guy and if there is a need for foreign coaches underneath him he won’t hesitate. Rightly so. Ireland does need to start to bring Irish coaches through. Not just at the professional level but we need to train coaches to man new pathways for developing kids from schools/clubs up through the divisions.
8 Go to commentsNo Islam says it must rule where it stands Thus it is to be deleted from this planet Earth
18 Go to commentsThis team probably does not beat the ABs sadly Not sure if BPA will be available given his signing for Force but has to enter consideration. Very strong possibility of getting schooled by the AB props. Advantage AB. Rodda/Skelton would be a tasty locking combination - would love to see how they get on. Advantage Wallabies. Backrow a risk of getting out hustled and outmuscled by ABs. Will be interesting to see if the Blues feast on the Reds this weekend the way they did the Brumbies we are in big trouble at the breakdown. Great energy, running and defence but goalkicking/general kicking/passing quality in the halves bothers me enormously. SA may have won the World Cup for a lot of the tournament without a recognised goalkicker but Pollard in the final made a difference IMO. Injuries and retirements leave AB stocks a bit lighter but still stronger. 12 and 13 ABs shade it (Barret > Paisami, Ione = Ikitau, arguably) Interesting clash of styles on the wings - Corey Toole running around Caleb Clark and Caleb running over the top of Toole. Reece vs Koro probably the reverse. Pretty even IMO. 15s Kelleway = Love See advantage to ABs man for man, but we are not obviously getting slaughtered anywhere which makes a nice change. Think talent wise we are pretty even and if our cohesion and teamwork is better than the ABs then its just about doable.
11 Go to commentsCompletely agree. More friday night games would be a hit. RFU to make sure every club has a floodlit pitch. Club opens again Saturday to welcome touch / tag. Minis and youths on Sunday
6 Go to comments1.97m and 105Kg? Proportionately, probably skinnier than me at 1.82 and 82kilos. He won’t survive against the big guys at that weight.
56 Go to commentsThe value he brought to the crusaders as an assistant was equal to what he got out of being there. He reflected not only on the team culture but also the credit he attributed to the rugby community. Such experience shouldn’t be overlooked.
8 Go to commentsGood luck Aussie
11 Go to comments