Chiefs in hunt for new investment

TONY Rowe has confirmed the search for new investors into Exeter Chiefs has begun as he looks to safeguard the longterm future of the Premiership club.

- MARK STEVENS

Rowe has been the driving force behind the Devon club for in excess of 20 years, investing millions of pounds into helping the Chiefs rise out of the National Leagues to that of English and European champions.

Exeter’s long-serving chairman and chief executive, however, has warned that things will have to change moving forward, including the likelihood of the club moving away from being run by the members.

“We do have to look at things,” said Rowe, right. “I’ve already told the members that the club can’t continue as a members club. The challenge has been, what with Covid and the lockdown, having to play behind closed doors, we were losing nearly a million pound a month.

“On top of that, just when things should have started to get better, we had the energy crisis and that led to inflation. The consequence of that is that over the last four years we’ve lost £17.5 million and that’s a big chunk of money for a club to lose.

“I’ve bought the hotel off the club, which has enabled the club to keep afloat, but the reality is that beyond this, if we were to have another financial crisis, where’s the club going?

“We’re chatting to people and looking for investment and the end result will be, as I said, the club will eventually not be a members club. Turnover now is in excess of £20m and that’s too big to be a members club.