The club has made an announcement this morning concerning Board changes and the end of the formal sale process, as follows:
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.
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.
All organisations and individuals have a duty to support efforts to tackle the Covid-19 pandemic. The Board’s priority is the safety and wellbeing of the Club’s staff, players and fans. The Club has implemented policies in line with official guidance and is working closely with Premiership Rugby to evolve its approach to the pandemic as new information and guidance becomes available.
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. Today, it is delighted to announce the appointments of Fintan Kennedy and Duncan Green as Non-Executive Directors.
Mr 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.
Mr 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.
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.
Peter Tom, CBE, Executive Chairman 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.
“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.”