Categories
Business Tech World

Takeover of Saracens by consortium including Pienaar completed



The £32m (R653m) takeover of Saracens by a consortium including World Cup winning captain Francois Pienaar has been completed, it was announced on Wednesday.

In October, the English Premiership giants first unveiled a takeover plan in which Saracen owner Nigel Wray, who has supported the club financially since 1995 and recruited Pienaar as a player, agreed to sell his majority stake.

Saracens, confirming the deal went through, said in a statement on Wednesday: “The board of Saracens Group Holdings Limited is pleased to announce the completion of the previously announced transaction relating to the refinancing of the group and the acquisition of a controlling interest in the group by Kimono House Limited.

ALSO READ: Sharks CEO explains Etzebeth’s move, clarifies Powell’s decision

Kimono House is owned by a consortium of investors including Dominic Silvester, Neil Golding, Nick Leslau, Paul O’Shea, Francois Pienaar and Marco Masotti.

Pienaar, 55, led South Africa to Rugby World Cup victory on home soil in 1995.

The Saracens had their most successful period under Wray, who first invested in the London club in 1995 and took full ownership in 2018.

They became European champions three times in four years between 2016 and 2019 and have won the English Premiership trophy five times since 2011.

However, Saracens were relegated at the end of the 2019-20 season for repeated violations of the Premiership salary cap.

Nevertheless, they still retained a number of stars including England internationals Owen Farrell, Maro Itoje, Mako and Billy Vunipola and Elliot Daly and gained immediate promotion from the second tier.

Leave a Reply

Your email address will not be published.