Leicester Tigers have announced a plan to raise £13m to secure the future of the club through a share subscription involving two investors.
Investment into the club was needed in order to avoid the need for “urgent alternative funding” and the possibility of administration.
The investors include Tom Scott, a current member of the Tigers board, who is willing to fund up to £10m, and Peter Tom, a former player of the club, who is expected to contribute £3m.
Andrea Pinchin, the club’s executive, expressed gratitude towards the investors for their commitment to extending their investment in the club.
She said: “We’re very grateful that Peter and Tom are looking to extend their investment in Tigers,
“The club is suffering some very challenging conditions from factors mostly outside of our control,”
The Tigers, which were put up for sale in June 2019 with an estimated price tag of £60m, have scheduled a meeting for Friday, 3 March, to seek the approval of other shareholders for the planned share subscription.
PREMIERSHIP CLUBS RANKED BY TOTAL DEBT:
#13. Exeter Chiefs – £13m
#12. Gloucester – £27m
#11. Northampton Saints £26.5m
#10. Worcester Warriors – £26.5m
