TWO-TIME EUROPEAN Cup winners Leicester Tigers this morning announced their intention to sell the club, with a price of £60 million reportedly tagged to the club.

The English midlands club say the move comes after a full strategic review with ‘plans to reclaim (their) status as a dominant force in English and European rugby’.

The Tigers have not been able to play their way to the Premiership final since claiming their 10th title in 2013 and they finished this season second bottom with just seven wins under head coach Geordan Murphy. The hope is that a cash injection from new owners would help them compete for personnel with the Premiership pace-setters.

Today’s statement notes that the recent investment in Premiership Rugby by CVC played a role in the decision to sell. The sudden windfall allowed Leicester to clear their debt.

“CVC’s investment sparked several expressions of interest in the Tigers from new investors, prompting the Board to run a formal sale process in the best interests of the club, its players, supporters and shareholders,” says a statement from the club.

Among the current majority shareholders is executive chairman Peter Torn, who added:

“CVC’s investment in Premiership Rugby has created a unique opportunity – catapulting the sport into the public consciousness like never before and broadening its appeal to potential investors. It is our duty as a Board to explore the Club’s strategic options and assess the best possible ownership structure to benefit from the changes ahead on and off the pitch.”

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