"Serious fear" - Another Premiership clubs avoids administration following vote
Rugby NewsMonday, 06 March 2023 at 09:38
The shareholders of Leicester Tigers have approved plans to raise up to £13m by way of a share subscription.
Leicester Football Club Plc shareholders have approved, by way of a vote, all three resolutions presented to them at a general meeting on 3 March.
The resolutions voted upon were in relation to a share subscription from Tom Scott and Peter Tom, who are both existing shareholders and members of the board.
A statement from the club said "the subscription is essential to secure the financial position and future success of Leicester Tigers".
While the size of the investment, in a season which has already seen two Premiership teams – Worcester and Wasps – is welcomed by fans of Leicester and English rugby, its necessity only stands to further highlight the precariousness of clubs' finances.
"We're very grateful that Peter and Tom are looking to extend their investment in Tigers," said the club's executive Andrea Pinchin.
"The club is suffering some very challenging conditions from factors mostly outside of our control,
"Their decision to invest at this time will give the club the financial assurance to execute the club's strategy of continued success and financial sustainability."
PREMIERSHIP CLUBS RANKED BY TOTAL DEBT:
#13. Exeter Chiefs - £13m
#12. Gloucester - £27m
#11. Northampton Saints £26.5m
#10. Worcester Warriors - £26.5m
Worcester Warriors flags fly in support of the club as they go through difficult times. during the Gallagher Premiership Rugby Match between Worcester Warriors and Exeter Chiefs at Sixways on 18 Sept 2022 Photo: Phil Mingo/PPAUK
#9. Sale Sharks - £30.9m
#8. Leicester Tigers - £31m
Guy Porter of Leicester Tigers during the Gallagher Premiership Rugby Semi Final Match between Leicester Tigers and Northampton Saints at Mattioli Woods Welford Road on 11 June. Photo: Tom Sandberg/PPAUK
#7. Harlequins - £33.7m
#6. London Irish - £37.5m
#5. Bath - £37.3m
#4. Newcastle Falcons - £39m
#3. Saracens - £40.8m
#3. Bristol Bears - £51.2m
#1. Wasps - £112.3m
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