Leicester Tigers are no longer for sale the club has confirmed, ending a nine-month search for a new owner.
The English Premiership giants announced last June that they were up for sale and were hoping to get around £60 million for the club in order to boost their chances of competing at the highest level once again.
However, despite claiming that there were interested parties they have announced that they have taken themselves out of the market and chosen to make some new appointments at board level instead.
“The board of Leicester Tigers confirms that the formal sale process initiated on June 25, 2019, under the city code on takeovers and mergers, has now ended and the company is no longer in an offer period as defined under the code. Despite a high level of interest from potential new investors, the board has concluded that it is unlikely an offer for the company will materialise from an investor who shares the club’s vision of the future and at a value attractive to shareholders. The board has made a number of appointments to ensure it has the necessary mix of skills and experience in order to implement its strategy for the club. It is delighted to announce the appointments of Fintan Kennedy and Duncan Green as non-executive directors. Taken together, the impact on an uncertain market of Brexit and now Covid-19 have created significant challenges for all clubs this season. It nonetheless remains the case that attractive growth opportunities are within English rugby’s grasp and will benefit clubs, players and fans alike. Given its status as the country’s premier rugby club in terms of supporter base and track record, the board is optimistic that its strategy for the club will return it to the top of the English and European game as rugby attracts new audiences and explores exciting new opportunities,” a statement read on leicestertigers.com.
The decision at least ends months of speculation surrounding a potential buyer, and the hope will be that they can build towards a more successful future after a terrible couple of seasons.
They currently sit 11th in the Premiership table and would be facing a battle to stay up had Saracens not been sent to the Championship next season for breaching salary cap regulations. However, with the Premiership currently suspended due to the coronavirus outbreak it remains to be seen how and when the season finishes.
