Harlequins, Northampton and Gloucester are attracting serious interest from overseas investors with Prem Rugby entering an expansionist phase before its first season as a closed league begins on Friday.
A source with knowledge of the discussions disclosed that there have been approaches from several high-net-worth individuals from the United States and the Middle East, as well as consumer brands whose interest has been piqued by Red Bull’s takeover at Newcastle last year.
Prem Rugby’s chief executive, Simon Massie-Taylor, told the Guardian this week that he expects “two or three more” deals at clubs to be completed in the next two years after the investment by Bill Foley’s Black Knight Group and James Dyson at Exeter and Bath respectively earlier this year, while the US private equity company RedBird Capital Partners has had initial talks about buying a stake in the league itself.
The approach from RedBird, whose sporting portfolio includes a controlling interest in Serie A’s Milan and a minority stake in Fenway Sports Group which owns Liverpool and the Boston Red Sox, has not advanced since initial informal discussions first took place in July. Prem Rugby is focused on deepening its collaboration with existing private equity partner CVC Capital, but investment talks with several clubs are understood to be continuing apace.
As the closest Prem club to central London with The Stoop within 15 minutes of Heathrow, Harlequins’ attraction to overseas investors is obvious, although they have struggled on the field in recent years, finishing second-bottom last season and not reaching the playoffs since 2022.
Quins’ turnover is the highest in the Prem at almost £30m, but in their most recently published accounts covering the 2024-25 season they posted pre-tax losses of £3.5m.
The long-term owner Duncan Saville appointed himself to the board after almost 30 years at Quins earlier this year, and may be open to fresh investment.
The champions, Northampton, are also believed to be attracting plenty of interest after winning two titles in the last three years and they have England’s most marketable player in Henry Pollock, who this week signed a new long-term contract at the club.
Northampton’s success has come despite the club’s spending coming in at significantly below the Prem’s £6.4m salary cap, which enabled them to cut their annual losses from £1m to £700,000 in 2024-25 in another sign of a well-run operation.
Gloucester would represent more of a rescue mission as their losses increased significantly from £516,000 to £2.91m in their accounts to June 2025, leading the chief executive, Alex Brown, to take the unusual step of publicly confirming they are looking for investment. “There is interest in Gloucester Rugby, but our shareholders and board are very sensitive to who that investment might be,” he said. “It has to be right for the club. Talks are ongoing about further investment.”
None of the 10 Prem clubs are understood to be profitable. A report from the accountancy firm Leonard Curtis published last year put their combined losses at £34m for the 2023-24 season, a 40% increase on the previous 12 months, with six of the clubs losing at least £3m.
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The Prem’s decision to scrap promotion and relegation until at least the 2029-30 season, however, has given wealthy individuals and funds confidence that the sport is worth investing in, particularly in the US given the country’s culture of closed franchise leagues.
With AFC Bournemouth’s owners, Black Knight, having paid around £25m for Exeter during the summer, the valuations are also attractive to American buyers given US franchises in all sports – both men’s and women’s – routinely have asking prices running into hundred of millions of dollars.
Prem Rugby’s plans to expand to 12 teams in 2029 has also created investment opportunities elsewhere, with an expansion to the midlands via the reborn Worcester Warriors, who have joined the second-tier Champ for the first time since entering administration four years ago, and a potential new team in Birmingham the main focus.
As revealed by the Guardian in February, Birmingham City’s owner, Knighthead Capital, has expressed interest in acquiring a rugby team as the next stage of its multisport strategy. It has bought a 49% share in the Birmingham Phoenix Hundred franchise and a majority share in the Netball Super League club Birmingham Panthers.
The Raine Group, the US bank that ran the Hundred sales process, is providing strategic advice to Prem Rugby. The England and Wales Cricket Board’s success in raising £520m for English cricket is acting as the template according to several sources charged with targeting investors.
