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Exeter Chiefs have confirmed that they have sold a ‘percentage of shares’ in a hotel to the club chairman and CEO Tony Rowe.
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RugbyPass understands that the sale – which was flagged last month by the club – will go towards servicing the club’s debts.
Exeter, long considered the most financially liquid of the 11 remaining Gallagher Premiership sides, held an EGM to affirm the sale of the asset, which they have revealed to be shares in the Sandy Park Hotel.
A statement published on the club website reads: “Members of Exeter Rugby Club on Wednesday night passed a resolution for a percentage of shares in Sandy Park Hotel Limited to be sold to club chairman and chief executive, Tony Rowe OBE.
“The sale of the shares mean Mr Rowe now has a majority stake of Sandy Park Hotel Limited moving forward, but that the Rugby Club itself still maintains a sizeable percentage of the shares themselves.
“The fee paid for the shares by Mr Rowe not only provides an injection of capital to keep cash flow going, but will also help service substantial debts accrued by Exeter Rugby Club due to the impact of the Covid pandemic in 2020.
“Part of the resolution was also that directors shall use their best endeavours to retain at least 26 per cent shareholding in Sandy Park Hotel Limited and also prior to any disposal of shares they will likewise use their best endeavours to enter into a Shareholding Agreement to ensure that in the event of the company at any time selling a part or whole of a minority holding in Sandy Park Hotel Limited, no discount shall be applied to the value or the shares on account of their being from a minority holding.
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“The club will be making no further comment on the matter,” concludes today’s statement.
