Leicester Tigers confirm club is no longer for sale and confident in long-term strategy
Wednesday 18 March 2020 12:19, UK
Gallagher Premiership club Leicester Tigers have confirmed they are no longer up for sale.
The Tigers started their formal sale process last June but confirmed on Wednesday that had been brought to a conclusion without the right buyer having been found.
But they remain confident - despite the additional challenges provided by the suspension of play because of the coronavirus pandemic - in their business strategy for the long-term future.
The Tigers sat 11th in the Premiership table - with only 20 points and four wins from their 13 games - when the season was suspended earlier this week, although relegation is not an issue with Saracens already having been confirmed as dropping out of the top division at the end of the 2020 season for breaching the salary cap.
A Tigers statement read: "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.
"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."
The club's executive chairman Peter Tom added: "While we were pleased with the level of interest in the club, none of the prospective new investors were judged to fulfil our criteria.
"Now, our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the well-being 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."
