Leicester Tigers put up for sale for £60m
Leicester Tigers has been put up for sale and launched a strategic review of the club.
The rugby club made the announcement this morning (25 June), saying it has appointed advisers to help it work towards a sale.
The Times has reported the club is on the market for £60m.
Tigers endured a nightmare campaign last season, narrowly avoiding relegation.
The club said in a statement: “The Board of Leicester Football Club Plc believes that it is the right time to explore options for creating shareholder value, whilst finding a potential investor who shares its vision for the Club.
“CVC Capital Partners’ involvement in Premiership rugby and focus on commercialising the sport has created an attractive environment for investment at the club level for the benefit of all concerned, including players and fans. Given its status as the country’s premier rugby club in terms of supporter base and track record, the Board believes Leicester Tigers is ideally positioned to prosper from the changing structure of English rugby.”
Peter Tom, CBE, executive chairman said: “CVC’s investment in Premiership rugby has created a unique opportunity – catapulting the sport into the public consciousness like never before and broadening its appeal to potential investors. It is our duty as a Board to explore the Club’s strategic options and assess the best possible ownership structure to benefit from the changes ahead on and off the pitch.”
Simon Cohen, chief executive officer said: “The investment and changes in English Premiership rugby present a huge opportunity for the Club and a new investor. As the most prestigious club in English rugby, this development will further support Leicester Tigers in its ambition to be the most successful club in England and Europe, to the benefit of our players, the Club and our loyal supporters.”
The Board has appointed Zeus Capital as its financial adviser to undertake a comprehensive review of the strategic options, including the launch of a formal sale process, and assist in managing this process.
The news comes after Tigers revealed that it had recorded an operating loss of almost £1m for the 12 months to June 30 2018, despite recording record revenues of over £20m.
