Tigers secure Welford Road funding
April 12, 2011
Leicester have further plans for Welford Road © Getty Images
Leicester have raised more than £4.4million to fund the continued expansion of their Welford Road home.
The Tigers intend to increase the capacity at their famous ground to 30,000 and also plan to complete the construction of a multi-story car park as well as an upgrade of the changing and medical facilities.
Leicester raised the funds from issuing convertible loan notes, listed today on the Channel Islands Stock Exchange, and placing ordinary shares with new and existing investors.
"We're delighted that once again investors have shown their confidence in the club by digging deep to raise more than £4.4 million, thereby securing the next important phase of the Tigers' future," Tigers chairman Peter Tom said.
"We can now move forward with confidence to a listing of our ordinary shares by the end of the year. We've had a good season in the Aviva Premiership so far and remain three points clear, with the play-offs to follow. It's going to be a hugely exciting finish to the season.
"Thanks to this new tranche of funding we can now ensure the continued development of Welford Road, providing additional car parking not only for the club but also for the nearby hospital and university. Most importantly, this is one more step towards realising our long-term vision for Leicester Tigers as the most successful and best-supported club rugby team in the world."
The development of the award-winning Caterpillar Stand, which was completed in 2009, increased the Welford Road capacity to 24,000, making it the biggest dedicated club rugby stadium in England.
© ESPN Sports Media Ltd.
Firdose Moonda looks at the moves towards greater integration within South African rugby ... and what the future holds
Martin Gillingham looks ahead to what he believes is the most remarkable ever climax to the league phase of the Top 14
With just two rounds left in the regular season, we look at the prospects of the teams taking part in the Championship play-offs
Joe Simpson talks to Charlie Morgan about loss, Wasps and being England's game-breaker