Saracens ‘to be acquired in deal worth more than £30million by consortium’ as owner Nigel Wray will transfer majority stake after 26 years at the club following salary cap scandal
- Nigel Wray has reportedly agreed a deal to relinquish his majority stake
- Control is transferred to a consortium with ex-star Francois Pienaar
- It comes after a difficult period in which Saracens have broken the salary cap rules
- Saracens were fined £5million and a 35-point decision leading to relegation
- They were promoted back to the Premiership the first time they asked for it
Saracens are reportedly set to be acquired by an investment consortium in a deal worth more than £30million, which would end Nigel Wray’s 26-year ownership of the club.
The move would come after a difficult period in the club’s history after it was found in 2019 that they were violating the salary cap rules.
This led to them being fined over £5million and a 35-point penalty resulting in their relegation, although they have since been promoted to the Premiership on the first request.
Saracens to be acquired by an investment consortium in a deal worth over £30m
Former Saracen and South African World Cup winning captain Francois Pienaar is involved in the consortium
Sky News have now reported that Wray has agreed to the terms of a takeover with an investment consortium that includes the former Saracens and South African World Cup winning captain Francois Pienaar.
The consortium is led by long-time supporter and chief executive of insurance company Enstar Group, Dominic Silvester.
Maggie Alphonsi, the former Saracen and England winger, is expected to join the board following the acquisition, while Michael Yormack, president of the Jay Z-founded talent agency Roc Nation, is recruited as a special advisor.
Nigel Wray will transfer control of the Saracens but will retain a minority stake, it is believed
Saracens returned to the Premiership last month with a win against Bristol Bears
Also involved are real estate entrepreneur Nick Leslau who previously held shares in the club, Enstar director Paul O’Shea and Marco Masotti of law firm Paul Weiss.
It is said that Wray will retain a minority stake but will not have any influence over the club’s governance.
Sky News reports that a source close to Wray was happy to hand over control to a group of investors familiar with the club.
Former Saracen and England flanker Maggie Alphonsi is expected to join the board
It is believed that the money invested will help the club realize projects such as the completion of the new West Stand, the Saracens women’s team and the construction of a new performance facility.
Captained by Owen Farrell, the England international, Saracens earned promotion to the Gallagher Premiership with a win over Ealing Trailfinders.
It is reported that the announcement is expected this weekend, as the team travels to Leicester Tigers, who they will meet on Saturday.