Nigel Wray takes full ownership of Saracens following South African shareholders withdrawal.
South African company Remgro announced earlier this week that they had decided to withdraw their shares in Saracens. The company chaired by African millionaire Johann Rupert were 50% owners of the North London side, but after years of consecutive losses have decided it was time to reduce their stake in the club.
Nigel Wray has stepped in to become the full owner of Saracens for the time, while he searches for two new investors to replace Remgro. The South Africans will retain a connection with Saracens, but significantly less than their previous involvement.
Wray commented on the matter earlier today: “Remgro has been a fantastic shareholder in Saracens for the last nine years and, as shareholders do, they have decided to reduce their shareholding and I am very happy to say that I’ve decided to buy all their shares as I have huge faith and commitment to this club and everything it stands for.
We have a great bunch of people, a great team and I like to believe that we are not just a rugby club, we are trying to stand for good things in the community; we are trying to build an extended, wider sense of family if you like, indeed in September we are opening the Saracens High School. This is exciting stuff and needs to be built on solid ground.
If you believe you have something great, then you must build in succession and sustainability. We all want Saracens to be great for the next 100 years and it’s quite likely, some might indeed even say probable, that I won’t be here for the next 100 years, so in due course we need to bring in extra investment into the club from outside. At this point I should say I have never sold a share in Saracens and never intend to. New money will always go into the club to continue building it for better and better things.
Club rugby in my view is going to expand hugely in the years ahead, so we are already speaking to people, good people, who wish to invest in the club and take it forward but there is no rush for the moment, as it is so important to find really good people who share our values. This is a great club I want it to remain precisely that.”
Saracens will be searching for two new investors, one of which is desired to be involved in construction. This is an effort in assisting the redevelopment of the west stand of Allianz Park, which would go some way towards reducing the losses currently suffered by the reigning European champions.