00:00The Welsh Rugby Union says it's received strong early interest as it seeks to sell Cardiff Rugby, having acquired the club out of administration in April.
00:12More than five credible bidders, both UK-based and international, have come forward ahead of the deadline to submit expressions of interest.
00:21The WRU has also begun searching for an independent chair to lead the Arms Park-based club and has helped shape its future direction.
00:29The WRU acquired the club's assets in a pre-packed deal after its former owners, Helford Capital, failed to cover their shortfall.
00:38A due diligence assessment by Thorium, costing around £50,000, concluded that Helford's directors had the necessary liquidity
00:46but ultimately did not honour their commitment to underrated losses under the Professional Rugby Agreement of 2023.
00:54This created financial instability and forced the WRU to intervene.
01:00A structural review of the professional game is now underway which could reduce the number of Welsh regions from four to three or even two.
01:09Cardiff and Dragons signed the new five-year PRA 2025 deal while the Ospreys and Scarlets declined, citing concerns over Cardiff being turned into a super region.
01:20Legal action from the two dissenting clubs is now being considered, focused on claims of unfair treatment and a lack of consultation.
01:29The WRU insists that its ownership of Cardiff is temporary and that it will treat the club independently.
01:36However, any sale will likely require the buyer to offer £6 million to the WRU debt.
01:42A formal sale process will begin once the structural review concludes on July 9th for counterbills and expiries.
01:51Chairman Richard Collier Keyword said,
01:54We've had more than five credible expressions of interest and that's positive, but I wouldn't buy Cardiff unless I knew what the future structure of Welsh rugby look like.
02:04Whether bidders will commit to a loss-making club remains uncertain, but the WRU is clear, everything is on the table.
02:13And look forward to our review.
Comments