Saracens in £32m takeover, Nigel Wray to hand over control

SARACENS have agreed a £32m takeover deal with a consortium of investors that includes South African World Cup-winning captain Francois Pienaar.

The group will acquire a majority controlling stake in the club.

Nigel Wray, the club's owner for 26 years, retains “a significant minority shareholding, albeit a passive one”, a club statement said.

Chairman Neil Golding and chief executive Lucy Wray, Nigel's daughter, will remain.

Pienaar, who led the Springboks to victory at the 1995 World Cup, made 44 appearances as a playercoach for Saracens.

The new set-up, which should draw a line under the salary-cap scandal that saw Saracens relegated from the Premiership, is headed by global insurance tycoon Dominic Silvester. Marco Masotti, the owner of South Africa's Sharks rugby team, is also part of the six-person consortium.

Saracens say the money brought in by the investors will help the club “maintain their position at the top of the men's game”.

Saracens were given a 35- point deduction and £5.36m fine in 2019 for breaching the league's salary caps.

They were relegated from the Premiership at the end of the 2019-20 season, but won promotion back the next season.

“I have given my heart and soul to the club for more than two decades, having chaired Saracens since the first days of professionalism,” Nigel Wray said.

“Sadly, I'm not getting any younger and I have always wanted to make sure that Saracens is in very safe hands for many future generations.”

Former England and Saracens women's player Maggie Alphonsi has been added to the club's board.

Michael Yormark, president of sports management agency Roc Nation has also been named as a special adviser. Roc Nation was formed by rapper Jay-Z – husband of Beyonce – and look after Maro Itoje and current Springbok captain Siya Kolisi

The club said the investment would be used for improvements at the club, including redeveloping the West Stand at their StoneX Stadium in Barnet, North London, further investing in women's sport and creating a high performance training centre.

“I am thrilled to hand over control to people who understand the culture we've been able to create over more than 20 years,” Wray added. “I am looking forward to becoming just a fan again and supporting the club I love.”