A consortium of Irish businessmen reportedly made an offer of more than £3.5M ($4.8M) to buy Premiership Rugby club London Irish "as part of a takeover to secure the club’s long-term future with a multi-million pound investment," according to Gavin Mairs of the London TELEGRAPH. It is understood the consortium is made up of five businessmen, three of whom are based in Ireland, and that the offer "was formally discussed with the club’s representatives" at a solicitor’s office in London on Thursday. The formal offer was reportedly made "just before Christmas and the consortium is now awaiting a response from the London Irish board." If it "is positive, the takeover is ready to be completed within a couple of weeks," according to one source. The source said that the objective of the consortium is "to secure the future of a great club including investing in the squad, coaching staff and management" and that it was prepared to "make the necessary investment" to return the club to its previous status as a "leading force in both the Premiership and on the European stage." Another source said that the club "required an injection" of £10M ($13.8M) over the next three years. The new consortium "is also determined to move the club back to London" from its current home at the Madejski Stadium in Reading (TELEGRAPH, 1/14).
CLOCK'S TICKING: In London, Chris Jones reported club President Mick Crossan was told "the clock is ticking" to accept an offer. Crossan owns 70% of London Irish Holdings, with Phil Cusack having 20% and Glenn Kielty 10%. There reportedly "is a time element to the offer." If the club is relegated, it will lose around £2M ($2.8M) in central funding, "but the deal is not dependent" on Irish "beating the drop" (EVENING STANDARD, 1/15).
