Leicester plan £13m investment to tackle ‘very challenging conditions’

Leicester Tigers have admitted they are “suffering some very challenging conditions” and are intent on raising £13m of fresh investment in the Premiership champions from two directors.

The Welford Road club’s proposal would mean Tom Scott, a nonexecutive director, and the executive chairman, Peter Tom, increasing their stakes and shareholders will vote on whether to accept the board’s plans next month.

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“Tom Scott is a long-standing supporter of the club and a valued member of the board of directors who over his tenure with the club has already invested over £10m.” the chief executive, Andrea Pinchen, said in a statement.“Peter Tom has been chairman of Leicester Tigers since 1993, having made 130 appearances for the club between 1963 and 1968 and has been a huge part in navigating the club through the professional era.“We are very grateful that Peter and Tom are looking to extend their investments in Leicester Tigers at a time when 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.”

Leicester’s bid to raise funds comes as the professional game faces an increasingly hostile financial setting, with two clubs – Worcester and Wasps – going bust. Wasps will play in the Championship next season but there has been no late reprieve for Worcester following their proposed rebranding as Sixways Rugby.