Members of Exeter Rugby Club on Wednesday night passed a resolution for a percentage of shares in Sandy Park Hotel Limited to be sold to club chairman and chief executive, Tony Rowe OBE.
The statement read: “The sale of the shares mean Mr Rowe now has a majority stake of Sandy Park Hotel Limited moving forward, but that the Rugby Club itself still maintains a sizeable percentage of the shares themselves.
“The fee paid for the shares by Mr Rowe not only provides an injection of capital to keep cash flow going, but will also help service substantial debts accrued by Exeter Rugby Club due to the impact of the Covid pandemic in 2020.
“Part of the resolution was also that directors shall use their best endeavours to retain at least 26% shareholding in Sandy Park Hotel Limited and also prior to any disposal of shares they will likewise use their best endeavours to enter into a Shareholding Agreement to ensure that in the event of the company at any time selling a part or whole of a minority holding in Sandy Park Hotel Limited, no discount shall be applied to the value or the shares on account of their being from a minority holding.
“The club will be making no further comment on the matter.”
Luke Cowan-Dickie the latest of FIVE Exeter stars linked with departures
The potential departure of at least one club stalwart and as many as five next summer means it could be the end of an era at Sandy Park.
#1. Luke Cowan-Dickie
Another player out of contract is hooker Cowan-Dickie.
The forward continues to feature regularly within the England ranks. Since making his Test debut in 2015, he has helped his country to win the Grand Slam in 2016; he was part of Eddie Jonesβ squad that got to the final of the Rugby World Cup against South Africa in Japan in 2019 and helped the Red Rose to win the Autumn Nations Cup final against France.
According to The Rugby Paper, ‘he has been speaking to the Top 14 sides Montpellier and Clermont Auvergne, while Bristol Bears have made him an offer,’
