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Cornish Pirates statement: Financial outlook after Truro FC sale

(Photo by Dan Mullan/Getty Images)

English Championship club Cornish Pirates have provided fans with a financial update following the sale of partner football club Truro City to Canadian investors. It was March 2022 when benefactor Dicky Evans explained he would be ending his 27-year association with the rugby club he had funded on its journey from the seventh tier of English rugby to play in the professional second tier.

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At the time, he set a three-year deadline to phase out his funding and find new owners for the Pirates and a similar approach would be taken regarding Truro FC after hopes that both clubs could be housed in a new Cornwall stadium were dashed.

It was during the 1990s when the Kenyan-based Evans, who owns Kernow Sport Ltd (KSL), originally saved the Pirates from bankruptcy and after selling his stake in 2014, he returned two years later after they were hit by financial problems.

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A statement on Thursday about the football club’s sale and what it means for the rugby club going forward read: “On November 30, Truro City Football Club management and players and Kernow Sport Ltd players and shareholders were told of the sale of TCFC to Ontario Inc (OI), a Canadian sports consortium.

“The board of Kernow Sport has had to take some very difficult decisions to ensure that both Cornish Pirates and Truro City remain viable going forward. With the ambitions for the Stadium for Cornwall unable to be realised by the Cornish Pirates, and the need for Truro City to have a ground to return to in time for next season, steps were taken to secure new owners for the club.

“An offer came from the directors of Ontario Inc to acquire TCFC, fund its operation going forward, and develop the Langarth site. In the KSL directors’ view, this offered the best chance for Truro City to continue to succeed.”

Evans said: “I’m sad to lose TCFC. It has been a pleasure to support their ambitions, see them promoted, and have started to build their new home in Truro. We pass on a great club with a bright future and I wish them well with their new owners.

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“It is a sadness for Pirates to have to give up their ambition for a permanent home in Truro but the bigger reality of my declining health and sunset funding means that sensible governance decisions need to be made to secure the future of both clubs.

“With TCFC in good hands, I am now totally focused on passing on the Pirates baton to new rugby owners. Cornish Pirates will remain in Penzance, their home and heartland. We may have lost the Stadium, but we have gained control of our own destiny.”

Pirates chairman Paul Durkin added: “In the face of all the publicity about failing rugby clubs and the total lack of clarity from the RFU on the rugby structure and more importantly on funding going forward, I am proud to say that Pirates is financially secure and will continue to compete within the top 20 of English rugby.

“The club is an essential part of the fabric of Cornwall with a loyal fan base and widespread commercial and community support. As a safe bet, we are as good as it gets.”

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The strength of that support is reflected in KSL having 500 new fan owners, with the largest investors confirming their funds are to remain with KSL to support Pirates.

“We know that a minority of new investors came in to support the football club,” explained KSL CEO Rebecca Thomas. “While they will remain shareholders in KSL, we have passed on a percentage of the crowdfunding raise to TCFC to honour their wishes.”

The directors of Ontario Inc added: “We are delighted to complete the takeover of Truro City Football Club. The club stands on the cusp of a new dawn and we are honoured to be leading Truro City into what promises to be another history-laden chapter in its long and distinguished history.

“We must place on record our thanks to Dicky Evans and the previous ownership for the work they have done in ensuring the club’s survival through the turbulence of the Covid-19 pandemic and for steering it throughout its time in exile these past few seasons.”

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J
JW 2 hours ago
Does South Africa have a future in European competition?

I rated Lowe well enough to be an AB. Remember we were picking the likes of George Bridge above such players so theres no disputing a lot of bad decisions have been made by those last two coaches. Does a team like the ABs need a finicky winger who you have to adapt and change a lot of your style with to get benefit from? No, not really. But he still would have been a basic improvement on players like even Savea at the tail of his career, Bridge, and could even have converted into the answer of replacing Beauden at the back. Instead we persisted with NMS, Naholo, Havili, Reece, all players we would have cared even less about losing and all because Rieko had Lowe's number 11 jersey nailed down.


He was of course only 23 when he decided to leave, it was back in the beggining of the period they had started retaining players (from 2018 onwards I think, they came out saying theyre going to be more aggressive at some point). So he might, all of them, only just missed out.


The main point that Ed made is that situations like Lowe's, Aki's, JGP's, aren't going to happen in future. That's a bit of a "NZ" only problem, because those players need to reach such a high standard to be chosen by the All Blacks, were as a country like Ireland wants them a lot earlier like that. This is basically the 'ready in 3 years' concept Ireland relied on, versus the '5 years and they've left' concept' were that player is now ready to be chosen by the All Blacks (given a contract to play Super, ala SBW, and hopefully Manu).


The 'mercenary' thing that will take longer to expire, and which I was referring to, is the grandparents rule. The new kids coming through now aren't going to have as many gp born overseas, so the amount of players that can leave with a prospect of International rugby offer are going to drop dramatically at some point. All these kiwi fellas playing for a PI, is going to stop sadly.


The new era problem that will replace those old concerns is now French and Japanese clubs (doing the same as NRL teams have done for decades by) picking kids out of school. The problem here is not so much a national identity one, than it is a farm system where 9 in 10 players are left with nothing. A stunted education and no support in a foreign country (well they'll get kicked out of those countries were they don't in Australia).


It's the same sort of situation were NZ would be the big guy, but there weren't many downsides with it. The only one I can think was brought up but a poster on this site, I can't recall who it was, but he seemed to know a lot of kids coming from the Islands weren't really given the capability to fly back home during school xms holidays etc. That is probably something that should be fixed by the union. Otherwise getting someone like Fakatava over here for his last year of school definitely results in NZ being able to pick the cherries off the top but it also allows that player to develop and be able to represent Tonga and under age and possibly even later in his career. Where as a kid being taken from NZ is arguably going to be worse off in every respect other than perhaps money. Not going to develop as a person, not going to develop as a player as much, so I have a lotof sympathy for NZs case that I don't include them in that group but I certainly see where you're coming from and it encourages other countries to think they can do the same while not realising they're making a much worse experience/situation.

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