London Irish, a historic rugby club bought out of administration by a consortium led by former Formula 1 boss Eddie Jordan, is calling on fans to help fund its return to professional competition.
An “Irish Fans Offering” will launch on March 17 — St. Patrick’s Day — giving supporters the chance to buy a minority stake in the newly-capitalized club.
London Irish was founded in 1898 to provide a sports club for Irishmen based in London. Supported by a number of waves of immigration to the UK capital, it was one of the first clubs to turn professional in rugby union. Although it rarely challenged for titles, it became a feature of the top English rugby competitions.
Since 2013, the team was owned by the businessman Mick Crossan, but a decade later the club was suspended from the Gallagher Premiership league — the highest club tier in England — due to unpaid wages. The team eventually collapsed with debts of about £30 million (US$38.8 million).
Crossan wrote on the club’s website that he had made a significant financial investment to ensure the club could compete at the highest level and that going into administration was “the last resort.”
A consortium led by Jordan bought London Irish out of administration in February. Daniel McKeown, a former Goldman Sachs and Perella Weinberg Partners financier, is interim chairman.
The so-called Irish Fans Offering is being organized by Republic, a global crowdfunding platform that arranged a similar offer for fans of Watford FC, a team currently in the second tier of English football.
London Irish fans won’t have to put up any money immediately. They can show an expression of interest and then invest once the club — which has yet to sign up any players — knows more about where and when it will compete. It is looking to restart playing competitively by September next year.
Despite the lack of players and venue, London Irish is hoping to sign a deal with a sportswear manufacturer to deliver fan merchandise and a kit.
“We are excited by the unfulfilled potential of rugby, and club rugby in particular,” said Kyle Jordan, Eddie’s son and the club’s interim chief executive. The structure of the game will evolve, he said, and London Irish “offers a unique opportunity for fans to be at the forefront of that change.”
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