Management at Leicester Tigers have revealed it is no longer on the market 鈥 just two days after the Gallagher Premiership season paused for five weeks.
The said both Brexit and now Covid-19 were creating significant challenges for all clubs right now.
Tigers was put up for sale, valued at around 拢60 million, last June as part of a 鈥渇ull strategic review鈥 to try and reclaim its status as a force in English and European rugby.
The sale plans followed a multi-million pound windfall after private equity firm CVC bought a 27 per cent stake in Premiership Rugby 鈥 with each club getting 拢13 million.
At the time the Welford Road club said it was 鈥渋deally positioned to capitalise on the new investment coming into the game鈥 with revenues expected to increase under CVC鈥檚 marketing and commercial strategy for the wider game.
However in a statement put out this morning the club announced: 鈥淭he board of Leicester Tigers confirms that the formal sale process initiated on June 25, 2019鈥. has now ended and the company is no longer in an offer period.
鈥淒espite 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鈥檚 vision of the future and at a value attractive to shareholders.鈥
The Tigers board said it had also brought in businessmen Duncan Green and Fintan Kennedy as non-executive directors to expand the mix of 鈥渟kills and experience鈥 to build on its future strategy.
Mr Green, managing partner of Leicester-based national construction consultancy Pick Everard, already has close ties to the club.
His practice has helped design a new 拢22 million hotel Tigers is building next to its ground.
A winner at the 2017 Leicester Mercury Business Executive Awards, he is a chartered civil engineer and joined Pick Everard in 1983.
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.
Fintan Kennedy is a Fellow of the Institute of Chartered Accountants in England and Wales.
He is 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 club鈥檚 audit committee.
In a statement the club said: 鈥淭aken together, the impact on an uncertain market of Brexit and now Covid-19 have created significant challenges for all clubs this season.
鈥淚t nonetheless remains the case that attractive growth opportunities are within English rugby鈥檚 grasp and will benefit clubs, players and fans alike.
鈥淕iven its status as the country鈥檚 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."
Club chief executive Peter Tom CBE said: 鈥淲hile we were pleased with the level of interest in the club, none of the prospective new investors were judged to fulfil our criteria.
鈥淣ow 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.
鈥淲e 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.鈥
