Saracens are set to announce a takeover deal worth £32m as the club owner hands control to an investment consortium that includes Francois Pienaar, the former South Africa World Cup-winning captain.
Nigel Wray has reportedly agreed the terms of a takeover for the former Premiership and European champions by a group of investors led by Dominic Silvester, the chief executive of Enstar Group, a multinational insurance company. If, as expected, the deal goes through it would mark the end of Wray’s 26-year club ownership.
The consortium also includes Marco Masotti, the New York-based owner of the Sharks, the South African franchise. Maggie Alphonsi, the former England Women’s World Cup winner and ex-Saracens flanker, will also join the board.
If the move is approved by the RFU and Premiership Rugby, it will be seen as a clean slate for the club, whose reputation was tarnished by salary cap breaches. Saracens, who have won the Premiership five times along with three European titles, were relegated to the Championship in 2020 and fined £5.36m for the breaches.
Wray’s daughter, Lucy, will reportedly remain as the club’s chief executive but her father will be a minority shareholder and a passive investor.
The details of the takeover – which will enable the club to move forward with their new west stand development at the StoneX Stadium and invest in a women’s team – will be announced on Saturday morning before the club’s match against Leicester.