Leicester Tigers: Premiership club 'no longer up for sale'

Leicester Tigers have not won the domestic title since 2013

Leicester Tigers are no longer up for sale because of a lack of suitable investors and the financial uncertainty caused by Brexit and the coronavirus.

The Tigers, who have won 10 Premiership titles and two European Cups, were put up for sale for about £60m last June.

But the process has now ended with the club "no longer in an offer period".

"None of the prospective new investors were judged to fulfil our criteria,” executive chairman Peter Tom told the club website.

“Now our immediate focus is on managing the ongoing impact of the Covid-19 pandemic and doing all we can to safeguard the wellbeing of staff, players and fans.

“We have devoted considerable energy to improvements on and off the field and remain confident that we have the right long-term strategy for the club.”

The Leicester board put the club up for sale following private equity firm CVC's investment in the sport in December 2018.

CVC's acquisition of a 27% stake in Premiership Rugby resulted in each club receiving £13m.

Tigers said at the time that it was their duty to explore ”strategic options” and assess “the best possible ownership structure”.

But in a statement, issued on Wednesday, they concluded "it is unlikely an offer for the Company will materialise from an investor who shares the club's vision of the future and at a value attractive to shareholders."

However, the club insists there are still “attractive growth opportunities within English rugby’s grasp".

The statement added: “Given its status as the country's premier rugby club in terms of supporter base and track record, the board is optimistic that its strategy for the club will return it to the top of the English and European game as rugby attracts new audiences and explores exciting new opportunities.”

Tigers have won 10 Premiership titles and two European Cups, but their last Premiership triumph came in 2013 and they battled to avoid relegation last season.

'Leicester want right people to go forward' - analysis

BBC Radio Leicester's Tigers reporter Adam Whitty

In a current climate of uncertainty, Tigers were unlikely to find a buyer in the short term, but this does speak to wider issues about the future of a struggling giant in English rugby.

We understand there was plenty of interest in buying Leicester from a number of bidders, but that offers did not match the £60m price tag the club were asking for. Was there genuine interest in selling? Were the club asking too much? All are valid questions that may well be asked.

With Tigers struggling for two seasons now, some hoped a new ownership structure might usher in a new era for the club. But Leicester have been, rightly, consistent throughout the process: they wanted the right bidder, and the right people to take it forward. It appears that was not forthcoming.

That may happen with a new look to its boardroom and Steve Borthwick's arrival to the coaching team, but many may get the sense the phrase 'as you were' might be appropriate.