Saints’ shareholders have agreed to pump £1 million into the Franklin’s Gardens club to boost the playing squad ahead of next season.
Northampton Saints plc, the parent company of Northampton Saints, has announced the significant cash injection into the Aviva Premiership club.
The Saints’ existing major shareholders have between them pledged £1m to be invested into the club’s playing effort ahead of the 2017/18 season.
Saints have been profitable for each of the past 16 years without external investment, but chairman Tony Hewitt says that the announced further investment is important in helping the club achieve its ambitions on the pitch, with the increased player salary inflation and the increased salary framework.
“We’re very proud of our commercial record at Franklin’s Gardens, which is unparalleled in the Aviva Premiership,” said Hewitt .
“It has been based on Keith Barwell’s original belief in establishing a club that could stand on its own two feet and ensure a lasting legacy for generations to come.
“However we are under more pressure in a league which is more competitive than ever and are having to accommodate the massive increase in player salary inflation within an increased salary framework.
“This is why our major shareholders have pledged £1 million to help us achieve our ambitions of being in the top four of the Aviva Premiership.
“The majority shareholders and senior directors want the club to be as successful as we can and we are delighted that they have chosen to make this investment.”
The investment will be facilitated by a private share placement, which in turn has to be approved by a majority of Northampton Saints plc shareholders.
Shareholders will shortly receive a letter with full details of an extraordinary general meeting to be held at 10am on Wednesday, March 22 at Franklin’s Gardens.