Consortium nabs controlling Saracens stake
A consortium of investors has agreed terms to acquire a majority controlling stake in English Premiership Rugby side Saracens for 32 million pounds ($A60 million).
Saracens - four-time Premiership champions and three-time European Cup winners in the last five years - were relegated last season as punishment for multiple salary cap breaches.
But they returned to the top flight after winning the second-tier Championship.
The club said the consortium comprises club chairman Neil Golding and Dominic Silvester and Paul O'Shea from Enstar Group, a global insurance group.
South African former World Cup-winning captain and Saracens player Francois Pienaar, Nick Leslau - Prestbury Investment Holdings chairman and CEO - and Marco Masotti, an owner of South Africa's Sharks rugby team, are also in the consortium.
Nigel Wray, who was the club's owner for more than 25 years, said he would be retaining a "significant minority shareholding".
"I'm not getting any younger and I have always wanted to make sure that Saracens is in very safe hands for many future generations," he said in a statement.
The club said the takeover was subject to regulatory approval.
The new funds would be used to complete the redevelopment of the West Stand, invest in women's sport and establish a high performance training centre, the club said.
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