Saracens chairman Nigel Wray is to take full control of the Aviva Premiership club after its South African co-owners opted to pull out.
Wray, who has shared ownership of Saracens with entrepreneur Johann Rupert’s Remgro company for the last nine years, moved to reassure supporters of the club’s future after suggestions emerged of a sell-out.
Wray says he has bought Remgro’s 50% stake in the two-time Champions Cup winners and has begun a search for new investment partners.
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In a statement, Wray said: “Remgro has been a fantastic shareholder in Saracens for the last nine years and, as shareholders do, they have decided to reduce their shareholding. 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.”
Saracens made an operating loss of £2.74m last year but Wray is looking for investment to help fund a new £22m West Stand at Allianz Park to increase the capacity to 10,500 and provide sport and fitness facilities to generate more revenue.
“If you believe you have something great, then you must build in succession and sustainability,” Wray added. “We all want Saracens to be great for the next 100 years and … 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.
“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.”