Ospreys announce 'multi-million pound' takeover deal by Asian-based group

Ospreys are "thrilled by the opportunities ahead" after Asian-based sports marketing group Y11 Sports & Media bought a 75.1 per cent stake in the Welsh rugby union side.

Ospreys chairman Rob Davies will remain in his role as he and pre-existing shareholders collectively retain a 24.9 per cent stake, with chief executive James Davies-Yandle and financier Donald Tang added as directors on the club's board.

A new holding company - Ospreys International Group - has been established after the "multi-million-pound" deal, with all the financial benefits made to be put back into the club.

Davies said: "Since the advent of regional rugby, the Ospreys have always aimed to be its pioneers.

"We haven't been afraid to do things differently and to push the envelope. Today's announcement is us doing the same again.

"It was essential we found a partner who shared our ambition and vision, but with the cultural understanding, expertise and resources to propel the region and community all into a new era.

"We needed to secure the success of the past, whilst embracing fully the future and that is what we are now doing together. We're thrilled by the opportunities ahead."

Ospreys have won only two of their 12 Pro14 games this season and currently sit bottom of Conference A, but in February they named former London Irish director of rugby Toby Booth as the new head coach from this summer.

Davies-Yandle, who founded and runs Y11 Sports & Media, said: "Rugby's potential has been overlooked for too long as other sports have been nimbler at seizing commercial opportunities to power success on the pitch with revenues off it.

"But the environment is changing quickly and rugby is on the verge of going through the same type of evolution as other sports before it.

"The Ospreys, from a standing start, have gone on to be one of the most exciting brands and teams in rugby. Of all the clubs we've seen, its potential to fully emerge and take the next step is far beyond that of its peers.

"We want to help it make that journey and be a part of that journey by investing in a root and branch transformation of the Ospreys, to ensure it leads the next wave of the game.

"It's an exciting time for the Ospreys: its team, its supporters, the organisation as well as for the game of rugby."