London Irish: Former F1 team boss Eddie Jordan leads consortium to buy rugby club

A consortium led by former Formula 1 team owner Eddie Jordan has bought London Irish out of administration.

London Irish went bust in June 2023 with more than £30m of unpaid bills and have been looking for investment since.

Jordan had a team in F1 from 1991 to 2005 and was a former shareholder of Celtic Football Club.

The new owners, Strangford Ellis Ltd, are an investment vehicle managed by Jordan Associates which “specialises in minority strategic investments in sports entities with significant cultural and historical value”.

They have acquired the intellectual property, brand and rights of London Irish but not the Hazelwood training centre. London Irish may look to enter the United Rugby Championship, the multi-national league involving teams from Ireland, Wales, Scotland, Italy and South Africa.

“The primary goal of the new ownership is to return London Irish Rugby Club to the pinnacle of international professional club rugby, aiming for a swift return to top-flight competition,” read a statement issued by Strangford Ellis.

“The Jordan Associates team will now turn its attention to negotiating a full and sustainable return for London Irish to competitive rugby, hand-in-hand with London Irish’s supporter base.”

Jordan Associates senior partner Kyle Jordan, youngest son of Eddie, added: “We are incredibly excited about this opportunity to steer London Irish towards new heights.

“Our investors bring not just financial backing, but a profound passion for rugby and a commitment to the community and in particular want to reach out to the global Irish diaspora to build the exile brand.”

What happened to the German bid?

Sky Sports News reported last year that German investor Daniel Loitz was poised to rescue the club after proving of funds to administrator’s ReSolve and was the preferred bidder.

However, Loitz’s proposed takeover collapsed and he stepped away from any potential move on Tuesday, explaining his reasons on social media with a “heavy heart”.

“This decision has not been taken lightly, given our unwavering commitment to preserving the legacy of London Irish and its vital role in the rugby community since we first engaged in this process in June 2023,” read the statement.

Hokulani Limited, the company which was due to back London Irish, noted the “highly perplexing” development of two additional bidders late last year when negotiations between Hokulani and the administrators were at an advanced stage, with the administrators adopting a “whoever signs first gets it” approach which, as the preferred bidder, Hokulani Limited found “both surprising and frustrating”.

“The exclusivity phase of the negotiations proved equally challenging,” the statement continued. “The parameters of the deal were subject to frequent and unexplained changes, creating an environment of uncertainty and instability. These inconsistencies made it increasingly difficult for Hokulani Limited to proceed with confidence, despite our steadfast commitment to the acquisition.

“It is disheartening to consider the potential consequences of this process for the rugby community, particularly at Hazelwood. Should the administrators and other stakeholders choose a path that jeopardises the future of rugby at this historic site, that decision will rest with them.

“Hokulani Limited’s vision has always been clear: to preserve and enhance the legacy of London Irish, ensuring that Hazelwood remains a thriving hub for the sport and its supporters. Our financial package was designed to deliver on this vision, backed by the necessary resources and a deep respect for the club’s heritage.”

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