PRO14 SIDE OSPREYS have announced a multi-million-pound takeover by Asian sports marketing firm Y11 Sports & Media.
The club have not disclosed the precise value of the takeover, saying only that Y11 have acquired a 75.1% stake in the club as a result of a “multi-year, multi-million-pound deal.
Ospreys say the deal heralds the “long-term transformation” of the club, and a statement this afternoon said profits will be invested back into the club.
Chief executive James Davies-Yandle and his business partner and financier Donald Tang join as new directors.
Davies-Yandle’s father Mike once played rugby with Swansea, and scored the club’s try in a 1973 draw with Australia. Son James played hockey for Wales, and had a career in investment banking before moving into sports marketing.
Rob Davies continues as Chairman, and he is among minority stakeholders who retain 24.9% of the club. ““For some time now we’ve been planning a radical shift of gear and, from that, over 12 months of hard work and strategic planning has led to this new partnership with Y11″, said Davies.
“We are confident all our stakeholders and partners will be as excited about this development as we are. We have confided in the Welsh Rugby Union Executive and kept them fully aware of this development and now we look forward to planning for the Ospreys future.”
Davies-Yandle, meanwhile, says they won’t be held back by the “current operating environment”, and they will be unafraid to “break the mold.”
“Rugby’s potential has been overlooked for too long as other sports have been nimbler at seizing commercial opportunities to power success on the pitch with revenues off it. But the environment is changing quickly and rugby is on the verge of going through the same type of evolution as other sports before it.
“The Ospreys, from a standing start, have gone on to be one of the most exciting brands and teams in rugby. Of all the clubs we’ve seen, its potential to fully emerge and take the next step is far beyond that of its peers. We want to help it make that journey and be a part of that journey.”
Ospreys have had a wretched season to date, and were bottom of Conference A with two wins all season when play was suspended in March. They hired Wales’ 2005 Grand Slam-winning coach Mike Ruddock from Lansdowne last December after parting ways with head coach Allen Clarke.
Ruddock agreed in January to stay on as performance director to the end of the season.
