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American investors surging into English rugby after structural switch to US-style franchise model
The Cornish Pirates announced a deal with Pittsburgh-based Stonewood Capital Management, marking the first known United States investment into an English professional rugby club.
English rugby leaders recently scrapped automatic promotion and relegation, arguing the previous system "was not delivering financial sustainability" and prevented creation of "investable, globally competitive leagues."
The Leonard Curtis Rugby Finance Report found no top-tier club made a profit in the 2023-24 season, while Bath Rugby and Newcastle Falcons recently secured new ownership amid ongoing financial pressures.
Exeter Chiefs members voted to approve a takeover by Black Knight Sports and Entertainment, a consortium fronted by American businessman Bill Foley, who also owns the Vegas Golden Knights.
Investors see a "compelling opportunity in Cornish Pirates" as the United States prepares to host the 2031 Rugby World Cup, mirroring similar capital inflows into The Hundred cricket competition.