Saracens’ Billionaire Owners Put Club For Sale Amid Huge Financial Losses
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Cutting their losses.
The future of Saracens and their financial stability has been thrown into question with The Times reporting their South African co-owners are ready to cut their losses and sell their 50% stake in the club.
The newspaper claims the South Africans have spoken to them directly and are ready to sell their stake with the club, who were dumped out of the Champions Cup on Sunday, currently losing millions a year.
Eleven of the 12 Premiership clubs operated at a loss last year, with Exeter Chiefs the exception. Saracens recorded losses of £2.74 million. Other clubs for sale, such as London Irish and Worcester Warriors, have struggled to find buyers.
Nigel Wray, the chairman and owner of the other 50 per cent of Saracens, says their sell will not immediately affect the club as he can buy them out. But the long-term future of the club could be in danger, as Wray could not support them on their own.
The South Africans’ arrived at Saracens ten years ago, and have overseen the most successful period in the club’s history. The investment was led by Johann Rupert, a businessman rated as the third wealthiest man in Africa with a net worth of $6.9 billion.
He and his investors are apparently now prepared to cut their losses and walk away from the venture, writing off a debt of around £25m in the process.
Could we be about to see the end of Saracens’ dominance?
You can read more about the potential sale here.