English Premiership rugby union team Leicester Tigers has announced today (Tuesday) that the club is up for sale.
Leicester said the planned sale will form part of a full strategic review as it seeks to reclaim its status in the domestic and European game. The BBC reported that the club would be seeking about £60m (€67.3m/$76.6m) for the sale.
The Tigers cited CVC Capital Partners’ recent acquisition of a minority stake in Premiership Rugby as a reason for the decision, stating the investment has sparked “several expressions of interest” in the club from new investors.
As a result, Leicester’s board has run a formal sale process in the best interests of the club, its players, supporters and stakeholders.
In a statement, Leicester said the pay-out it received from the Premiership Rugby stake sale to CVC has freed it of debt, allowing it to look forward to greater incremental revenues.
Peter Tom CBE, the club’s executive chairman, said: “CVC’s investment in Premiership Rugby has created a unique opportunity – catapulting the sport into the public consciousness like never before and broadening its appeal to potential investors. It is our duty as a board to explore the club’s strategic options and assess the best possible ownership structure to benefit from the changes ahead on and off the pitch.”