Exeter Chiefs closing in on new investors as Tony Rowe sends email to owners

Exeter Chiefs are closing in on new investors after chairman Tony Rowe wrote to club members saying he hopes to call a Special General Meeting shortly to approve his plans.

Rowe said last month that he was holding talks with financiers in America about buying a stake in the club, who are owned by 700 members, after posting an after-tax loss of £10.3m for last season.

He said that he had been waiting for news of ring-fencing the Gallagher PREM before pressing ahead, and he sent the email just hours after it was announced that his long-term ally, director of rugby Rob Baxter, had signed a new multi-year deal.

It could be seen as future-proofing Baxter, who has been in charge of the club since 2009, against any changes new investors want to make, and his 97-word email got straight to the point.

“Dear Member, I trust you are enjoying the season so far, and I am sure you will agree that we seem to be coming together on and off the pitch.

“There is a lot happening off the pitch, and I will say that we are in serious discussions with investors and hope to be calling you to an SGM shortly.

“Please can I ask you not to take any notice of the speculation you may see in the press and media, I will let you know when we have something meaningful to call the SGM. Regards, Tony,” he wrote.

The Chiefs would become the third PREM club to get investment this season after energy drinks giant Red Bull took over Newcastle Falcons and business tycoon Sir James Dyson hoovered up 50 per cent of Brice Craig’s stake in Bath.

Baxter, who sits on the nine-member board of Exeter Rugby Group PLC, told RugbyPass this week that a natural affinity for the area from new investors is not as important as being in it for the long haul.

“I don’t think they have to have a natural affinity to the club and to the area because that’s a little bit like saying, how does Tom Hooper come in and play well? With absolutely no affinity to Devon and the club or the country.

“So, I think what I would like, what you’d like to see, is someone who comes in for it to be a long-term project and says, right, what I’m looking for is success, and I’m prepared to commit to that for a longish term period.

“And I want to be involved with, is a successful rugby club that potentially can win trophies or be at the right end of the game in the future, and develop the community game in the area.

“That’s the bigger picture and where they come from, I think, is a little bit irrelevant if they’re prepared to buy into that longer-term vision. I think that’s the important thing,” he said.