Cornish Pirates announce US investment into Champ Rugby team
US investors have taken a stake in Champ Rugby club Cornish Pirates as English ovalball continues to be seen as an attractive asset class.
The Cornish Pirates, who play their home games at Mennaye Field in Penzance, have become the first known English rugby union club to onboard major American investors.
J. Kenneth Moritz and John H. Tippins join the Cornish Pirates investment structure days after local businessman Richard Wastnage was added the board after investing into the South West club.
It comes after Black Knight – a consortium including Oscar winner Michael B Jordan – look set to purchase Exeter Chiefs.
Cornish Pirates are describing the move as the “first known US investment into an English professional rugby club” just weeks after CityAM said that at least four clubs in the English second tier were looking to capitalise on the possible franchising of the top flight Prem Rugby by talking to overseas investors.
Cornish Pirates chief Sally Pettipher said: “This is a hugely significant moment for Cornish Pirates. To attract investment from experienced US investors of this calibre is a powerful endorsement of our strategy, our people and our long-term vision to build real value, both financial and social.”
Cornish Pirates leading Prem Rugby?
The fund raise comes amid a flurry of capital raises across Prem Rugby from sources outside of the group of individuals who have kept England’s top flight alive for 30 years.
Energy drinks tycoon Red Bull last year invested in Newcastle before hoover magnate Sir James Dyson made a significant investment into champions Bath as part of a debt for equity swap.
Northampton Saints, too, confirmed a hefty minority raise in the club from rugby fan Steve Zander, who is now on the board.
And later this month at an EGM, Exeter Chiefs are expected to vote through a takeover bid from Black Knight, the consortium featuring Oscar winner Michael B Jordan that owns Premier League club AFC Bournemouth.
CityAM revealed that the shift in investment attitude to the Prem has filtered down to the second tier Champ, with four clubs having discussions with investors, while London Irish are ready to list on the same Republic platform as Gloucester.
Kenn Moritz said: “We see a compelling opportunity in Cornish Pirates – a club with a proud history, a passionate community and a clear strategic plan for growth. Rugby is entering an exciting global phase, and we believe this investment places us at the heart of that journey.”
Added Tippins: “Coming from Pittsburgh, we understand the power of sport to unite communities and drive economic growth. Cornwall has that same passion, and we are excited to support the Pirates as they build something truly special.”