Cornish Pirates boosted by ‘milestone’ seven-figure deal with US private equity firm

Stonewood take minority stake in Champ club Pirates officials call it a ‘landmark’ deal Cornish Pirates have stolen a march on some bigger sides in the Prem by becoming the first English rugby union club to complete a significant deal with wealthy American-based backers. The Champ club have joined forces with the Pittsburgh-based private equity firm Stonewood Capital with the aim of revitalising the prospects of the Penzance side. The long-term arrangement would give Stonewood a substantial minority stake in the club for what is understood to be an initial seven-figure sum. Pirates officials are calling it a “landmark” deal and a “major milestone in the club’s evolution”. Continue reading...

Cornish Pirates have stolen a march on some bigger sides in the Prem by becoming the first English rugby union club to complete a significant deal with wealthy American-based backers. The Champ club have joined forces with the Pittsburgh-based private equity firm Stonewood Capital with the aim of revitalising the prospects of the Penzance side. The long-term arrangement would give Stonewood a substantial minority stake in the club for what is understood to be an initial seven-figure sum. Pirates officials are calling it a “landmark” deal and a “major milestone in the club’s evolution”. Sally Pettifer, the Pirates’ chief executive, also hopes it could lead to a Cornish team competing in the Prem, with the top tier of English club rugby due to shift to a franchise model in 2029-30.

“This is a hugely significant moment for Cornish Pirates,” said Pettifer. Exeter’s members are due to vote on Thursday on whether to approve a multimillion pound deal with Black Knight Sports and Entertainment , whose chair, Bill Foley, is the owner of the Premier League football club Bournemouth. The Pirates do not meet the stadium criteria to gain admittance to the Prem, but club officials believe Cornwall is still enough of a rugby hotbed to support an ambitious professional team. That dream appeared to be dissolving early last year when the Pirates came within three weeks of folding. The Pirates’ longtime owner, Dicky Evans, now Sir Richard, had previously announced a three-year “sunset plan” after which his majority financial backing would cease.

He had been hoping to relocate the club to a new stadium near Truro, only for withdrawn government funding and local council politics to intervene. The Pirates have subsequently been relying on a consortium of local businessmen, who will remain involved. The prospect of new American-based funding also comes at an opportune moment given the Pirates’ ground at the Mennaye Field in Penzance was badly hit by Storm Goretti in January. “We see a compelling opportunity in Cornish Pirates – a club with a proud history, a passionate community and a clear strategic plan for growth,” said Kenn Moritz, Stonewood’s president. “Rugby is entering an exciting global phase and we believe this investment places us at the heart of that journey.” Explore more on these topics Share Reuse this content Stonewood take minority stake in Champ club Pirates officials call it a ‘landmark’ deal Cornish Pirates have stolen a march on some bigger sides in the Prem by becoming the first English rugby union club to complete a significant deal with wealthy American-based backers.

The Champ club have joined forces with the Pittsburgh-based private equity firm Stonewood Capital with the aim of revitalising the prospects of the Penzance side. The long-term arrangement would give Stonewood a substantial minority stake in the club for what is understood to be an initial seven-figure sum. Pirates officials are calling it a “landmark” deal and a “major milestone in the club’s evolution”. Continue reading... Cornish Pirates boosted by ‘milestone’ seven-figure deal with US private equity firm