Eddie Jordan’s consortium has acquired London Irish rugby club from administration. The club had incurred debts of £30m despite recent successes. Jordan’s bid excluded ownership of the training centre, Hazelwood, which led to administrative complications. Meanwhile, a rival bidder withdrew due to frustrations over the acquisition process. The new owners aim to restore the club’s standing in professional rugby.
Eddie Jordan, the former Formula 1 team owner, has led a consortium to acquire the London Irish rugby club, bringing it out of administration. The club, based in Sunbury, had recently reached its best Premiership Rugby standing in 14 years before facing £30m in debts. Founded in 1898 by Irish expats, London Irish has a rich history and retains an amateur team that still competes regionally.
The professional team, previously owned by Mick Crossan, entered administration after a group of US investors failed to provide necessary funds. Complications arose due to the separate ownership of the club’s training centre, Hazelwood, which was excluded from Jordan’s bid. The administrators opted for the lower offer from Jordan’s Strangford Ellis Ltd over that of another prospective buyer due to concerns about potential real estate motivations.
Daniel Loitz, a German entrepreneur attempting to purchase the club through his company, Hokulani Ltd, withdrew from negotiations citing frustrations over inconsistent processes and lack of transparency. He expressed concern over the potential loss of the club’s rich legacy. In contrast, the Strangford Ellis consortium plans to focus on restoring London Irish to the heights of international rugby and may consider the United Rugby Championship instead of the English Premiership.
The acquisition of London Irish by Eddie Jordan’s consortium marks a significant shift for the club, aiming for restoration and enhanced performance in the rugby landscape. The decision to opt for Jordan’s bid despite its lower value highlights the complexities surrounding the club’s administration and the importance of preserving its legacy. The future of the club now looks to focus on a strategic return to competitive play.
Original Source: www.autosport.com