London Irish: Takeover of suspended Premiership Rugby club close to completion | Rugby Union News | Sky Sports

Source link :

The takeover of London Irish is close to completion but could still take a some time to go through, Sky Sports News understands.
The club entered administration in June 2023 and have been in talks with German investor Daniel Thomas Loitz, who heads up investment firm Hokulani Ltd, in recent months.
Sky Sports News understands that administrators ReSolve Group have picked Loitz’s bid as the preferred offer.

Final Gallagher Premiership standings
Rugby union on Sky Sports | Stream more sport with NOW

It is also understood that ReSolve Group prefers Loitz’s offer to the administrators and a draft agreement is being drawn up, before updating the RFU.
However, Sky Sports News understands that nothing is done yet and there are a number of approvals needed before it being confirmed. A close source to negotiations said it could take some “period of time”.
Loitz told Sky Sports News that updated proof of funds have been sent, showing creditors and RFU that he has the funds to run the club.
“The three secured creditors have the final say on the takeover,” Loitz said.
“At the start of June, I will meet with fans to learn more about the heritage of the club and update them on the takeover.”
London Irish, the RFU and ReSolve Group have been approached for comment by Sky Sports News.
What happened to London Irish?

Please use Chrome browser for a more accessible video player

James Cole explained why London Irish were suspended from all RFU leagues after failing to prove they had the funds to operate in the 2023/24 campaign.

After persistent rumours of a pot

…. to be continued
Read full article at the Original Source
Copyright for syndicated content belongs to the linked Source : Sky Sports –

Author : rugby-247

Publish date : 2024-05-24 05:26:27

Copyright for syndicated content belongs to the linked Source.