Saracens has announced that a consortium of investors has agreed to acquire a majority controlling stake in the club.
The consortium is made up of Dominic Silvester, Chief Executive Office of Enstar Group; Neil Golding, the club’s chairman; Paul O’Shea, a director at Enstar; Francois Pienaar, former Saracens player; Nick Leslau, Chairman and Chief Executive of Prestbury Investment Holdings; and Marco V. Masotti, an owner of South Africa’s Sharks rugby team.
The consortium has pledged to invest a total of £32 million into the club.
The new funds will also be used for a variety of other purposes, including completing the redevelopment of the West Stand; further investment in women’s sport; and the establishment of a high-performance training centre.
The consortium will form a new non-executive board to enhance the existing board. It will continue to be chaired by Neil Golding with Lucy Wray remaining as chief executive.
Current Saracens owner, Nigel Wray said “I am thrilled to hand over control to the consortium which comprises people who I know well and who understand the culture we’ve been able to create over more than 20 years both on and off the field, particularly within the community through the Saracens Foundation and the Saracens Multi-Academy Trust.”
“I am looking forward to becoming just a fan again and supporting the club I love whilst focusing more of my time on the pioneering work of our amazing Foundation and supporting the build out of the Saracens school programme.”
Former England and Saracens women's player Maggie Alphonsi has been added to the club's board.
Michael Yormark, president of sports management agency Roc Nation Sports International, has also been named as a special adviser.
Dominic Silvester added: “The consortium members are making a long-term commitment to Saracens, with the new funds used to maintain the club’s position at the top of the game for the future.”
“We also have an exciting longer-term vision to make the club a global market leader both on and off the field and we are well placed to deliver on this with our wide-ranging international experience.”
The consortium promises to maintain the club’s deep commitment to diversity, community, and sustainability.