London Irish: American investors step in to ‘cover payroll’ ahead of a ‘complete takeover’
London Irish look set to be taken over by a major American fund which will cover the costs of the Premiership’s payroll this month.
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The club released a statement confirming that it is exploring its options with regard to investment, and now reports have emerged that those investments will come from an American fund.
American investors
According to the Daily Mail, ‘a major American fund’ hopes to complete a club takeover next week.
The report adds that the US group will transfer funds to the cash-strapped club to cover the players and staff salaries due on Friday.
Ownership of the club is close to being transferred from current owner Mick Crossan to the investors, which is set to be completed by next week.
This is a saving grace for London Irish, who could have followed the likes of Wasps and Worcester Warriors, who went into administration earlier this season.
Leicester Tigers needed a £13 million cash injection to avoid the same fate.
The terms of the change of ownership have been agreed upon between Crossan and the new investors, but it needs an official sign-off.
It also requires regulatory approval from the Premiership, but the report adds that this shouldn’t be a problem.
This would be the first majority ownership in a Premiership club from American investors, and it is understood that significant funds are available for plans to grow the club globally.
London Irish exploring options
London Irish statement read: “It has been public knowledge that the club is exploring its options with regards to investment; however, no comment will be made until there is anything to announce.
“In regards to recent media reports, London Irish can categorically confirm that all staff will be paid this month. Anything reported to the contrary is pure speculation.”
The news comes after Leicester Tigers confirmed the signing of London Irish star Ollie Hassell-Collins.
Meanwhile, star lock Rob Simmons will join French club Clermont before the new season, while Italian prop Giosue Zilocchi joins Zebre Parma.
READ MORE: Premiership: London Irish confirm that staff will be paid amidst financial concerns