Tuesday 3 April 2018 12:22, UK
Saracens chairman Nigel Wray has announced his intention to purchase the club outright from South African investors Remgro.
Wray has co-owned Sarries with entrepreneur Johann Rupert's company for nine years, with both holding a 50 per cent stake but Remgro has decided to sell its stake in the two-time Champions Cup winners, who made an operating loss of £2.74m last year.
Wray will now assume total control of the club but has already begun a search for new investment partners who can help him take the club forward.
Wray said in a statement: "Remgro has been a fantastic shareholder in Saracens for the last nine years and, as shareholders do, they have decided to reduce their shareholding and I am very happy to say that I've decided to buy all their shares as I have huge faith and commitment to this club and everything it stands for.
"If you believe you have something great, then you must build in succession and sustainability. We all want Saracens to be great for the next 100 years and it's quite likely, some might indeed even say probable, that I won't be here for the next 100 years, so in due course we need to bring in extra investment into the club from outside.
"At this point, I should say I have never sold a share in Saracens and never intend to. New money will always go into the club to continue building it for better and better things.
"Club rugby in my view is going to expand hugely in the years ahead, so we are already speaking to people, good people, who wish to invest in the club and take it forward but there is no rush for the moment, as it is so important to find really good people who share our values."
Saracens were knocked out of the Champions Cup at the quarter-final stage by Leinster on Sunday and currently sit second in the Aviva Premiership, nine points behind Exeter.
