'Game-changing' Premiership investment remains on course

2018-12-11 21:50
Ian Ritchie (AFP)

London - Premiership Rugby chairman Ian Ritchie on Tuesday insisted his organisation remain on track to complete a multi-million pound investment deal that will change the face of rugby union.

Ritchie had been expected to announce the completion of the £230 million ($288 million) deal with CVC Capital Partners following Premiership Rugby's latest meeting on Tuesday.

Instead, cash-strapped English top-flight clubs will have to wait.

"We had a good PRL board meeting and there remains a unanimity about our approach and our desire to enter into (this deal)," Ritchie said of the plan, which would earn each club an estimated £18 million in exchange for CVC becoming the PRL's partners.

"We remain on track with our objectives. These discussions are inevitably complex but we have had a good meeting today and we remain with that shared objective."

PRL chief executive Mark McCafferty indicated the deal was close enough that it might not even require another formal meeting before the biggest investment in the history of the game can be announced.

Officials hope it will transform the domestic competition, leading to a much greater strength in depth and more opportunities for the smaller clubs to challenge for silverware.

Under the PRL's existing rules, the salary cap level remains at £7 million irrespective of the prospective investment levels.

"I wouldn't say there were sticking points, it's more that these are not straightforward negotiations because they have got a number of different angles to them," McCafferty said. 

"With the collective will around the table today, we can find the results to those remaining few items.

"It will be a landmark moment, if we can get there, which will usher in a new era for the game going into next year, and that will allow the clubs to make the next big investment in the game."

Read more on:    rugby


Read News24’s Comments Policy

Live Video Streaming
Video Highlights

Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...


The 2018/19 Absa Premiership season is in full swing. Will Mamelodi Sundowns retain their title? Or can one of Kaizer Chiefs, Orlando Pirates, Wits, SuperSport United - or another team perhaps - snatch glory from the Brazilians? Be sure to visit Sport24 for all the latest news!

Latest blogs

Following the conclusion of the various end of year tours to Europe, who is your favourite for the 2019 Rugby World Cup title?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.