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Leicester Tigers end their nine-month search for a new owner

(Photo by Henry Browne/Getty Images)

Leicester Tigers are no longer up for sale after the club pulled the plug on the process due to a lack of offers. It was June last year, on the back of the dividend received by CVC Capital Partners buy into the Gallagher Premiership, that the club was put on the market in the hope that a potential £60million sale could help the Tigers return to the top of English rugby again.  

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At the time, the CVC pay-out had left Tigers debt-free and club officials believed their set-up was now an attractive opportunity for an investor to grow commercial revenues and accelerate development plans. 

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However, those aspirations have not come to pass in the nine months since, resulting in Leicester’s Wednesday morning announcement via their website that the club was now off the market and instead some new appointments had been made to the board.

“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,” read their announcement on leicestertigers.com.

“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.

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“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.”

Executive chairman Peter Tom said: “While we were pleased with the level of interest in the club, none of the prospective new investors were judged to fulfil our criteria.

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“Now our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the wellbeing of Tigers staff, players and fans.

“We have devoted considerable energy to improvements on and off the field and remain confident that we have the right long-term strategy for the club.”

Kennedy brings a wide range of finance experience and is a fellow of the Institute of Chartered Accountants in England and Wales. He currently serves as finance director of Sealyham Investments and holds non-executive directorships with Super League Triathlon and the Financial Services Opportunities Investment Fund. He will chair the audit committee.

Green is managing partner of Pick Everard, which he joined in 1983. A chartered civil engineer, he is also a trustee and director of the Leicester Grammar School Trust, local charity Hope Against Cancer and a member of the Leicester Cathedral development board.

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Oh no, not him again? 2 hours ago
England internationals disagree on final play execution vs All Blacks

Okay, so we blew it big time on Saturday. So rather than repeating what most people have all ready said, what do I want to see from Borthwick going forward?


Let's keep Marcus Smith on the pitch if he's fit and playing well. I was really pleased with his goal kicking. It used to be his weakness. I feel sympathy for George Ford who hadn't kicked all match and then had a kick to win the game. You hear pundits and commentators commend kickers who have come off the bench and pulled that off. Its not easy. If Steve B continues to substitute players with no clear reason then he is going to get criticised.


On paper I thought England would beat NZ if they played to their potential and didn't show NZ too much respect. Okay, the off the ball tackles certainly stopped England scoring tries, but I would have liked to see more smashing over gainlines and less kicking for position. Yes, I also know it's the Springbok endorsed world cup double winning formula but the Kiwi defence isn't the Bok defence, is it. If you have the power to put Smith on the front foot then why muzzle him? I guess what I'm saying is back, yourself. Why give the momentum to a team like NZ? Why feed the beast? Don't give the ball to NZ. Well d'uh.


Our scrum is a long term weakness. If you are going to play Itoje then he needs an ogre next door and a decent front row. Where is our third world class lock? Where are are realible front row bench replacements? The England scrum has been flakey for a while now. It blows hot and cold. Our front five bench is not world class.


On the positive side I love our starting backrow right now. I'd like to see them stick together through to the next world cup.


Anyway, there is always another Saturday.

7 Go to comments
C
CO 2 hours ago
Scott Robertson responds to criticism over All Blacks' handling errors

Robertson is more a manager of coaches than a coach so it comes down to intent of outcomes at a high level. I like his intent, I like the fact his Allblacks are really driving the outcomes however as he's pointed out the high error rates are not test level and their control of the game is driving both wins and losses. England didn't have to play a lot of rugby, they made far fewer mistakes and were extremely unlucky not to win.


In fact the English team were very early in their season and should've been comfortably beaten by an Allblacks team that had played multiple tests together.


Razor has himself recognised that to be the best they'll have to sort out the crisis levels of mistakes that have really increased since the first two tests against England.


Early tackles were a classic example of hyper enthusiasm to not give an inch, that passion that Razor has achieved is going to be formidable once the unforced errors are eliminated.


That's his secret, he's already rebuilt the passion and that's the most important aspect, its inevitable that he'll now eradicate the unforced errors. When that happens a fellow tier one nation is going to get thrashed. I don't think it will be until 2025 though.


The Allblacks will lose both tests against Ireland and France if they play high error rates rugby like they did against England.


To get the unforced errors under control he's going to be needing to handover the number eight role to Sititi and reset expectations of what loose forwards do. Establish a clear distinction with a large, swarthy lineout jumper at six that is a feared runner and dominant tackler and a turnover specialist at seven that is abrasive in contact. He'll then need to build depth behind the three starters and ruthlessly select for that group to be peaking in 2027 in hit Australian conditions on firm, dry grounds.


It's going to help him that Savea is shifting to the worst super rugby franchise where he's going to struggle behind a beaten pack every week.


The under performing loose forward trio is the key driver of the high error rates and unacceptable turn overs due to awol link work. Sititi is looking like he's superman compared to his openside and eight.


At this late stage in the season they shouldn't be operating with just the one outstanding loose forward out of four selected for the English test. That's an abject failure but I think Robertson's sacrificing link quality on purpose to build passion amongst the junior Allblacks as they see the reverential treatment the old warhorses are receiving for their long term hard graft.


It's unfortunately losing test matches and making what should be comfortable wins into nail biters but it's early in the world cup cycle so perhaps it's a sacrifice worth making.


However if this was F1 then Sam Cane would be Riccardo and Ardie would be heading into Perez territory so the loose forwards desperately need revitalisation through a rebuild over the next season to complement the formidable tight five.

28 Go to comments
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