![]() ![]() London Irish’s company directors and major shareholders worked tirelessly to try to find a successful buyer for the club but this, sadly, was not possible. Manning, who is a partner at ReSolve, commented, “I know that this will be a very difficult day for London Irish fans, players and staff who love and support this historic club. Joint administrators Lee Manning and Simon Jagger have been appointed to explore options for the business, and welcome any approaches from interested parties. “As we neared the completion of the deal, I continually received promises, from both NUE Equity and Redstrike, that the acquisition would be completed imminently, and that funds would arrive within days… Sadly, the promises have failed to materialise, and, despite our very best efforts, it was not possible to meet the conditions set by the RFU Club Financial Viability Group”.įollowing the news, ReSolve – an insolvency and restructuring advisory firm – has been installed to preside over the administration of London Irish Holdings and London Irish Scottish Richmond Limited. “Over the last seven months, I have been working closely with the RFU, PRL and representatives of NUE Equity to complete a widely publicised deal to acquire the club,” said Crossan in a statement. The club’s debts stand at over £30 million, while it is also facing a wind-up petition from HMRC for an unpaid tax bill. Mick Crossan has owned London Irish since 2013, but after failing to secure a takeover from US consortium NUE Equity, headed by Californian lawyer Chip Sloan, he penned an open letter to staff, suggesting it was no longer “feasible for me to continue absorbing the multi-million-pound losses of the club”. ![]() In the years since, the club has often featured in the sport’s top-tier, with its highest finish seeing it end runner-up in 2009, having also won the knockout Premiership Rugby Cup in 2002. ![]() Nicknamed The Exiles, London Irish was founded in 1898, following the creation of London Scottish and London Welsh for the same reason – allowing Irish immigrants the chance to play rugby union with their fellow countrymen in the English capital. Now, the same fate has befallen London Irish – having been suspended by the Rugby Football Union from all leagues after failing to provide proof of funds and ownership for next season, it has entered into administration. ![]() While the highest echelons of English football have since bounced back from the financial implications of that, the elite of rugby union has found it far more difficult to do so.Įarlier in the 2022/23 season, the economic pressures this heaped on Wasps saw the historic club suspended from the Premiership division – England’s rugby union top-tier – after falling into administration in mid-October. Professionals from ReSolve have been appointed to explore the options of the club’s remaining assets.Ĭompetitive sports of all forms were rocked by the Covid-19 pandemic – particularly in 2020, when the lockdown months meant organisers were unable to gather ticket revenues. London Irish has become the second top-tier rugby union club in a year to fall into administration, following a financial crisis that saw it suspended from all leagues for the following season. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |