Proposed Gloucester Rugby Takeover Canceled After Premiership Vote

A proposed investment in Premiership rugby side Gloucester by France-based businessman Mohed Altrad "collapsed after Premiership Rugby rejected his plan to purchase a 45% stake in the top-flight club," according to the BBC. The board voted to "restrict any investment from Altrad" -- who also owns Top14 side Montpellier -- to just 20%. Gloucester said that Altrad has "therefore opted to withdraw from the deal." Altrad said, "Whilst this news is extremely disappionting for Gloucester and myself, rugby is the biggest loser." Altrad, 69, would have needed approval from various other bodies, including European Professional Club Rugby and the Rugby Football Union, "for any takeover to go through." Andrew Umbers of Oakwell Capital, who advised the Altrad Group, added, "It is disappointing having received broad support from all of the relevant rugby authorities, RFU, FFR (French Rugby Federation), World Rugby and the EPCR but not the unanimous support of the PRL" (BBC, 4/18).