The shareholders of Leicester Tigers have approved plans to raise up to £13m by way of a share subscription.
Leicester Football Club Plc shareholders have approved, by way of a vote, all three resolutions presented to them at a general meeting on 3 March.
The resolutions voted upon were in relation to a share subscription from Tom Scott and Peter Tom, who are both existing shareholders and members of the board.
A statement from the club said “the subscription is essential to secure the financial position and future success of Leicester Tigers”.
While the size of the investment, in a season which has already seen two Premiership teams – Worcester and Wasps – is welcomed by fans of Leicester and English rugby, its necessity only stands to further highlight the precariousness of clubs’ finances.
“We’re very grateful that Peter and Tom are looking to extend their investment in Tigers,” said the club’s executive Andrea Pinchin.
“The club is suffering some very challenging conditions from factors mostly outside of our control,
“Their decision to invest at this time will give the club the financial assurance to execute the club’s strategy of continued success and financial sustainability.”
PREMIERSHIP CLUBS RANKED BY TOTAL DEBT:
#13. Exeter Chiefs – £13m
#12. Gloucester – £27m
#11. Northampton Saints £26.5m
#10. Worcester Warriors – £26.5m
