US investors confident of Cornish Pirates growthImage source, Brian TempestImage caption, Cornish Pirates finished seventh in the Champ this seasonByBrent Pilnick, BBC Sport England and Andy Birkett, BBC SpotlightPublished18 minutes agoNew American investors in Cornish Pirates say they can increase the value of the Champ club. Pittsburgh-based Stonewood Capital Management has invested what has been described as a seven-figure amount in the Penzance-based side.
Pirates finished the season seventh in English rugby’s second tier, with Stonewood becoming the first United States-based investors to take a stake in an English professional rugby union side.
It comes as Exeter Chiefs members have voted to allow a planned takeover of their club by the American-based group that owns Premier League side AFC Bournemouth, while Newcastle Red Bulls and Bath have both had extra investment as the prospect of a franchise-based Prem draws near.
“There are things that we can do to increase the value of the franchise and remain in the Champ,” Stonewood president Kenn Moritz told BBC Spotlight.
“I think, clearly, if we decide to cross the threshold into the Prem, that will be another step we take to increase the value of the franchise and the value of our investment in the franchise.
“So those bridges will be crossed when we come to them. Obviously, we have some work to do, that has to be done in either case, whether we remain in the Champ or we decide to move over to the Prem.
“But that’s the task in front of us, to really execute on the strategies that we’ve been discussing, and if we are successful in that execution, I think we’ll be in a good place, regardless of which league we’re playing in.”
