Exeter Chiefs have bought the Premiership Rugby ‘P Shares’ of Leeds Carnegie for about £5m. The P shares, which will increase Exeter’s income from the league by well over 30%, were issued to the 13 established top-flight clubs in 2005.
Exeter Chiefs were entitled to buy shares from Leeds Carnegie because they have been outside the league for more than a year.
“This was a fantastic acquisition for the group and when we get the P Share dividends in the future we will see a significant increase to our income.” said chief executive Tony Rowe.
Isca Ventures advised Exeter Rugby Group, with legal support from Michelmores. Barclays provided the funding required to purchase the P Shares.
“We were delighted to continue to provide corporate finance support to Exeter Rugby Group. The acquisition of the P Shares will ensure Exeter Chiefs can continue to compete at the highest levels of British and European rugby.” added Mark Champion, partner at Isca Ventures.