Members of Exeter Rugby Club passed a resolution on Wednesday night for a percentage of the shares of Sandy Park Hotel Limited to be sold to the club’s chairman and chief executive, Tony Rowe OBE.
The statement said: “The sale of the shares means that Mr Rowe now holds a majority stake in Sandy Park Hotel Limited, but the Rugby Club itself still retains a significant percentage of the shares itself.
“The fees paid for the shares by Mr Rowe not only provide a capital injection to maintain cash flow, but will also help to repay the substantial debts accumulated by Exeter Rugby Club due to the impact of the coronavirus pandemic. Covid in 2020.
“Part of the resolution also provided that the directors were to do their best to retain at least 26% of the shares of Sandy Park Hotel Limited and also before any disposal of shares they would also do their best to enter into an agreement to shareholding to ensure that in the event that the company at any time sells part or all of a minority stake in Sandy Park Hotel Limited, no discount will be applied to the value or shares due to their minority stake.
“The club will not comment further on this.”
Luke Cowan-Dickie, latest of FIVE Exeter stars linked with departures
The potential departure of at least one loyal club and up to five next summer means it could be the end of an era at Sandy Park.
#1. Luke Cowan Dickie
Another out-of-contract player is hooker Cowan-Dickie.
The striker continues to feature regularly in the English ranks. Since making his Test debut in 2015, he helped his country win the Grand Slam in 2016; he was part of Eddie Jones’ side that reached the Rugby World Cup final against South Africa in Japan in 2019 and helped the Red Rose win the Nations Cup final fall against France.
According to The Rugby Paper, “he spoke to Top 14 teams Montpellier and Clermont Auvergne, while Bristol Bears made him an offer”,
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