Yorkshire Carnegie: Takeover deadline put back to end of year

Yorkshire Carnegie.
Yorkshire Carnegie.
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Yorkshire Carnegie have pushed back the deadline for the club’s proposed takeover until the end of the year because of the strength of positive interest being shown in the Headingley outfit.

The initial deadline, set when they changed their name from Leeds in July, was for October 31.

But the club says that while they are making progress in their search, they require longer to conclude talks that could secure “significant” funding for their medium-term future.

Provident Financial have already come on board as new sponsors with a core group of individuals, who have previously supported the club, said to have pledged financial backing on the basis of new ownership.

That potential ownership will form a new company called Yorkshire Tykes Limited, which would own Carnegie.

A club statement read: “We are delighted to announce that this process is making significant progress.

“The publicity surrounding Yorkshire Carnegie and the process we have used to secure new sources of funding has brought forward some potential funders who are discussing proposals with the Yorkshire Tykes Limited board to bring significant new funding into the club.

“The directors believe that the level of funding under discussion would enable us to accelerate progress towards our vision and will also help to sustain that progress.

“Some of our new sources of funding could be made available now, but some will be deferred and some will be conditional.

“However, the significance of these opportunities has meant that the board of YTL has agreed with the current owners of Yorkshire Carnegie to extend the period of time over which it has an agreement to purchase the club until the end of the calendar year. This will enable these discussions to develop to a conclusion.”

The club’s chief executive Gary Hetherington added: “The introduction of some potential significant backing for the club, which would give it added support and security for the medium term, is a significant development that has come forward as a direct result of Sir Ian McGeechan’s vision for Yorkshire Rugby.

“We are therefore planning further detailed discussions which we cannot complete in just a few days and so, with the consent of the current owners, we will be continuing to progress these discussions over the next couple of months.

“We hope to make a further announcement on progress by the end of the year.”

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