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The Welsh Rugby Union has taken management of Cardiff after the membership’s authorized entity Cardiff Rugby Restricted was positioned quickly into administration by its administrators.
The WRU mentioned the choice was made “as soon as it grew to become clear that the membership’s proprietor, Helford Capital, was unable to satisfy its obligations to fund the membership because it was contractually obliged to do”.
Appointed directors PwC have bought the membership’s enterprise and belongings to the WRU.
WRU chief govt Abi Tierney mentioned it was “unthinkable for us to permit the demise {of professional} rugby within the Welsh capital”.
The governing physique confirmed that Cardiff gamers and workers can be unaffected by the sale and fixtures can be fulfilled, with season and match tickets remaining legitimate.
Cardiff play within the United Rugby Championship and are subsequent as a consequence of be in motion on April 19 as a part of Welsh rugby’s Judgement Day on the Principality Stadium.
In addition they face URC appointments with Munster at dwelling, then the Bulls and Stormers in South Africa. The league’s top-eight finishers safe a play-off place, with Cardiff at present ninth.
The Union added that pre-payments for 2025/26 season tickets may also be honoured, as will current sponsorship preparations which have been paid for upfront.
Tierney confirmed the WRU will take over Cardiff, “recognising its important significance to the way forward for Welsh rugby”.
She added: “We have now been maintaining in shut contact with the Cardiff Rugby board for a number of months as soon as they grew to become conscious of the dangers to anticipated shareholder funding not being obtainable.
“In consequence, the WRU has been capable of transfer shortly to supply assist for Cardiff. Gamers, workers and supporters might be assured that skilled rugby will proceed at Cardiff Arms Park.
“Cardiff has all the time been a significant contributor to our participant pathway, and is important to the success of our One Wales technique each on and off the sphere.
“Within the coming months we can be actively searching for traders who want to play their half in making certain that is achieved and Cardiff returns to the highest desk of membership rugby.
“It’s unthinkable for us to permit the demise {of professional} rugby within the Welsh capital, and there was no hesitation for the WRU as we shortly moved to drag a rescue bundle collectively.”
The developments come simply 16 months after Cardiff regarded to have secured their long-term future when Helford Capital Restricted’s acquisition of a majority shareholding was authorized at a common assembly of membership members, when a 99.99 per cent majority voted by way of the takeover.
Helford Capital, an funding group led by businessmen Phil Kempe and Neal Griffith, acquired an 84.55 per cent shareholding.
Rob Lewis, joint administrator and associate at PwC, mentioned: “We’re delighted to have accomplished this transaction which supplies the chance for a interval of stability for skilled rugby in Cardiff.
“The construction of the transaction implies that the membership will be capable of proceed to commerce seamlessly beneath new possession and fulfil its enjoying obligations in each the United Rugby Championship and Tremendous Rygbi Cymru competitions this season and past, with minimal disruption to gamers and followers.”
In an announcement issued by the WRU, in the meantime, Cardiff chair Alun Jones mentioned: “We’re extremely grateful to the Welsh Rugby Union for securing our monetary stability and making certain skilled rugby continues in Cardiff as we method our one hundred and fiftieth season.”
