[Florida]

https://www.telegraph.co.uk/rugby-union ... irish-rfu/

[M_W]

I mean my first response would always be to ask how much money he actually has. Seems at first glance a bit small time for the sums needed to get something like this off the ground.

On the other hand, it's at least something positive to break the radio silence. Someone with some kind of track record talking about reviving the club.

[Florida]

Yup, similar thoughts to myself. Even if they manage to close the deal, there's still a huge amount of work needed to get a club formed again. Somehow they also have to get something of the old London Irish that encouraged me to follow them again

[Stevie J]

I can't say I am in any way enthused by what I read.

A 31 year old German "Investor" with seemingly no verifiable income and no attachment or connection to the sport, is going to plonk down enough money for an entire sporting operation, players and coaches and other infrastructure and likely cover the losses from a Championship operation.

With no ground to play at. Oh and he'd need to cover the rugby creditors and show proof of funding to the RFU, which was the rock that old Chip crashed on.

His LinkedIn has only this investment vehicle (Hokulani) and a holding company in the Netherlands that (apparently) deals in technology with the Russian market but only has 1 employee. Seemingly himself.

His investments are lower level women's football teams. Hokulani is a Person of Significant Control at Halifax for sure but how much would that cost him?

I'd also like to see the journalist do a bit more due diligence. Was Crossan approached for comment, the RFU? They loved briefing the papers when we were going to the wall. So all we have is this fellas word when talking to a women's football journalist.

[M_W]

Yeah, agree. I was being kind with the track record reference, in that he'd actually purchased a sports club, which was a step further than that fantasist that was mentioned 6 months or so ago.

The reality though is that buying a controlling share of Halifax women's FC will likely have cost absolute peanuts compared to getting a pro rugby setup off the ground. All I'm really seeing really is a website for the investment vehicle and a few links to either the football club, the franchise in Canada or Companies House listings for a few other companies with little or no money going through them.

Agree on the due diligence here from a press point of view. This bloke could have access to the funds to get things off the ground, or he could be miles off and be a bit of a time waster for Resolve / not in the running at all. I'm naturally pessimistic, but if I had to guess, my money would be on the latter.

[GC89]

Totally agreed on the reasons for pessimism.

In a weird twist, he has now come out and confirmed he is in the running to purchase Reading FC and made an offer of c. £24m to buy the club. The plan being that we would return to Reading as tenants. Reading between the lines and some slightly poetic tweets he has sent, I think his interest will subside if he doesn't manage to get the Reading deal over the line (and from what he has said, although he is apparently the highest bidder, he is currently getting the silent treatment).

[M_W]

Totally agreed on the reasons for pessimism.

In a weird twist, he has now come out and confirmed he is in the running to purchase Reading FC and made an offer of c. £24m to buy the club. The plan being that we would return to Reading as tenants. Reading between the lines and some slightly poetic tweets he has sent, I think his interest will subside if he doesn't manage to get the Reading deal over the line (and from what he has said, although he is apparently the highest bidder, he is currently getting the silent treatment).

Yeah, just been reading that and the tweets. It's certainly taken a left turn. He's either a bigger chancer than expected, or he does have access to some proper capital. Like you say though, even if there is money it wouldn't be a surprise if it's all dependent on him getting the football club, which looks a long shot.

[Stevie J]

Take a look at this very brief thread looking into some of his financials.

Lot of questions to be answered.

[M_W]

This yesterday from a Reading Chronicle Journo covering the sale of the football club

[SimonG]

Alternate headline - "German Fantasist Seeks Publicity"

[Florida]

https://www.skysports.com/rugby-union/n ... completion

Worth remembering administrators don't always pick the right bidder and having an owner doesn't mean there's a team, but it's ... Something

[Florida]

Administrators looking to extend administration until up to 6/6/25, that kills off any chance of returning for the 25/26 season.

Sadly I feel that's the final whistle for the pro side of the club.

[M_W]

Yeah, I can't see much cause for optimism at all at the moment.

Nothing in Loitz's update the other day has convinced me to the contrary. He just doesn't strike me as a serious prospect at all.

[Narbia]

London Irish apply for place in Championship next season( 25-26)

[Stevie J]

The application is from a fantasist with no legal claim to the club (yet), and is being blocked by a major creditor from taking over. Three into two won't go and its the phoenix LI who will (rightly) be left out as we have no existence whatsoever in legal terms; no owner, no ground, no end in sight to administration.

I saw a petition launched the other day by him. A petition. The first idea of the hopelessly inept, but people sign it and share it anyway out of desperation like the RFU or anyone is going to be swayed by emotion over cold hard financials. And nor should they. He has no independently verifiable means of income.

He's so far invested (and now seeking to offload) low level women's football teams. His application for a major league women's Canadian football franchise which he trumpeted in December 2023 has went dormant with no one commenting. The league announced in April 2024 its launching with six teams...and none are owned by him. Why would you buy a franchise and then not launch it? Why isn't that being talked about?

Worse than that - there is no plan here. Just hope. We love an optimist but we got into a mess trying to keep up with others without the neccessary revenue streams and relying on a benefactor to plug millions into the team. Put to a side the only clubs who could afford the salary cap (without benefactor) number the fingers on one hand. English club rugby remains a financial mess.

My team is dead and its not coming back, at least not with this guy running around trying to act like some saviour. I refuse to endorse this crackpot.

[M_W]

Same

Even in this round of excitement, I've still not seen anything that doesn't look directly sourced from him.

If he's our best shot, it looks over to me.

[Narbia]

The application is from a fantasist with no legal claim to the club (yet), and is being blocked by a major creditor from taking over.

So basically Hr. Loitz is a non-runner. Both the insolvency practitioners and the RFU do seem to be indulging the man - even if that's just to keep up appearances.

For me it'd be a result if somehow Hazelwood could be kept alive as a rugby ground where the amateurs play.

Over the past year it's been a pleasure to see the a number of the faithful at The Stoop, the RAG and especially the ERC final, (even just out and about) wearing the London Irish shirts.

It's been refreshing to actually speak with some of you guys : a problem shared is a problem marginally eased.

Edit:
Whilst I'm at it, I came across this article :
Reading sale jeopardised by owner Dai Yongge’s £55m debt to Chinese bank

I seem to remember the purchase of Reading FC was another of Hr. Loitz's business propositions. And LI somehow came into that equation.
And now the sale to Rob Couhig (former rugby man?) appears to have fallen through.

[Florida]

Same

Even in this round of excitement, I've still not seen anything that doesn't look directly sourced from him.

If he's our best shot, it looks over to me.

I feel the writing was on the wall when the request to extend the administration was requested and granted.

[Florida]

Rumour has it Tier 2 will consist of the current Championship clubs, the promoted Nat One club and one of Wasps, Worcs or LI (if they show they could be viable). I'd imagine it's wasps that would be most likely to get that last spot.

[A38]

At Worcester we are hoping that Sixways and all its facilities will be a significant factor together with a formulated business plan and local investors willing and able to provide the necessary finance including the settlement of rugby creditors.

But as ever we shall have to wait a while before we know the final outcome.

[M_W]

Now this is interesting. Although a multi club model may be a tough sell for authorities when it comes to potential European competition down the line.

Formula One entrepreneur hopes to be first owner to build a stable of European rugby clubs, similar to the City Football Group, whose teams include Manchester City and New York City
new
Alex Lowe, Rugby Correspondent
Friday October 18 2024, 1.20pm BST, The Times

The Formula One entrepreneur Eddie Jordan wants to buy London Irish and build a stable of rugby clubs similar to the City Football Group, whose teams include Manchester City, Girona and New York City.

Jordan is part of a consortium with the former South Africa No8 Bobby Skinstad and the former New Zealand fly half Andrew Mehrtens that is set to buy the French ProD2 club AS Béziers Hérault. It is believed there are no active clubs run by a shared private owner.
The consortium is backed by Strangford Capital, a private equity firm based in Northern Ireland for whom Jordan, the former driver and F1 team owner, acts as an investor and adviser.

It has also been suggested that Michael Flatley, the creator of Riverdance and a close friend of Jordan’s, could be persuaded to come on board for the purchase of London Irish.
The club have been in administration since they went bust in June 2023, with debts of more than £30million, and were ejected from the Gallagher Premiership.

Strangford Capital and Hokulani Ltd, the investment company run by Daniel Thomas Loitz, are both engaged in live discussions with the administrator, ReSolve, about a takeover. Hokulani Ltd has compiled a package worth more than £20million, which includes £2.7million for the compulsory repayment of rugby creditors. It valued the club’s brand name, history and intellectual property at about £2.5million and it has offered to lease the club’s 64-acre Hazelwood training centre for £900,000 over three years before purchasing the site for £16.4million.

Intriguingly, three interested parties have contacted the RFU with a view to securing a place for London Irish in the Championship next season.
The third is understood to be True Equity, the rebranded investment firm founded by Chip Sloan that was engaged in takeover talks with London Irish before the club went bust. Mick Crossan, who had owned London Irish since 2013, issued a statement upon the collapse of the club stating that he had “continually received promises, from both NUE Equity and Redstrike, that the acquisition would be completed imminently, and that funds would arrive within days.”

[Florida]

The self proclaimed preferred bid has taken to twitter to give "transparency" and states that while on the "home stretch" a 3rd bidder (Eddie Jordan) has suddenly appeared and matched their bid. Home stretch is an odd term for "my offer was rejected and an extension to administration was requested". He then states the next steps are for all 3 bidders to get the contracts at the same time and whoever signs first gets the deal, which I think translates to his offer is still rejected but he wants have an excuse when nothing comes of his bid (we didn't sign in time because we were doing due diligence blah blah blah, they beat us to it).

[M_W]

Yeah, saw the panicked Twitter post.

Forgive me if I throw what little hope I have in with the bloke who is unambiguously very wealthy, has a serious history in sports organisation ownership and by all accounts has actually attended London Irish games.

[Florida]

Apparently Loitz now owns London Irish.

https://www.telegraph.co.uk/rugby-union ... ip-return/

[Narbia]

Apparently Loitz now owns London Irish.

https://www.telegraph.co.uk/rugby-union ... ip-return/

Aren't we just at the stage of verbal agreement? At least it says ReSolve have seen the colour of Hr. Loitz's money. Irish Independent

Edit : £2.5 Mn to buy and £2.7 Mn 'rugby creditors' to pay = £5.2 Mn. An awful lot more wonga than the £1 Mick Crossan was willing to sell for.

Plus the mention of the G-Tech. How much rent was unpaid to Brentford FC? Are they a rugby creditor too? If not, why not.

[Florida]

Turns out wasn't even at a verbal agreement, but we might be on the cusp of an exclusivity period... I am unsure how to containment excitement. The cusp!