Saracens chairman Nigel Wray is to take full control of the English Premiership club after its South African investors opted to pull out.
Wray, who has co-owned Saracens with entrepreneur Johann Rupert’s Remgro company for the last nine years, moved to reassure supporters of the club’s future after news emerged of a sell-out.
Wray says he has bought Remgro’s 50 per cent stake in the two-time Champions Cup winners and has begun a search for new investment partners.
In a statement, Wray said: “Remgro has been a fantastic shareholder in Saracens for the last nine years and, as shareholders do, they have decided to reduce their shareholding.
“I am very happy to say that I’ve decided to buy all their shares as I have huge faith and commitment to this club and everything it stands for.
“We have a great bunch of people, a great team and I like to believe that we are not just a rugby club.”
Interesting graphic from The Times about the losses incurred by Premiership Rugby clubs, in the wake of the news Saracens is up for sale (via @owenslot). Propping up a pro club an expensive business - salary cap has to be adhered to. pic.twitter.com/QDsbqkyJGo
— Owain Jones (@OwainJTJones) April 3, 2018
Saracens made an operating loss of £2.74million last year but Wray is looking for investment to help fund a new £22m West Stand at Allianz Park to increase the capacity to 10,500 and provide sport and fitness facilities to generate more revenue.
“If you believe you have something great, then you must build in succession and sustainability,” Wray added.
“We all want Saracens to be great for the next 100 years and… I won’t be here for the next 100 years, so in due course we need to bring in extra investment into the club from outside.
“Club rugby in my view is going to expand hugely in the years ahead, so we are already speaking to people, good people, who wish to invest in the club and take it forward but there is no rush for the moment, as it is so important to find really good people who share our values.”
When Liam Williams left Scarlets for Saracens saying he wanted to win trophies, no one would've expected that two seasons later Scarlets would reach the European semis, and Saracens wouldn't. This year's semi-final lineup is a real fillip for the Pro14.
— Ross Harries (@rossharries1) April 1, 2018
