London Skolars Limited the professional rugby league team based in North London today announced the conclusion of fundraising for the 2019 season.
The company has raised further capital of some £85,000 through the share issue with the major part coming from the clubs three largest shareholders, The McNeil family (65%), the Browne family (18%) and Adrian Fraine (12%) with the club giving a warm welcome to Richard Griffin and his son who have contributed £5,500 as new shareholders.
Discussions took place over a lengthy period of time with Toronto Wolfpack, the Championship side with a view to them acquiring a stake of up to 25% in the club and investing £80,000 in cash to be matched by a similar amount to be raised from existing shareholders. The current capital raised represents the Skolars’ portion of this agreement, but Toronto have not at this stage made any capital contribution and do not own any shares in the company. They have though provided very valuable marketing and commercial support to Skolars as part of their commitment to support the ongoing development of rugby league in North London.
Skolars’ owners are still hopeful of the financial investment by Toronto being made in the near term and relations with Toronto are extremely good and beneficial. The delay is largely down to corporate development at both clubs which could be ground breaking for Rugby League.
As a result of the latest share issue the current largest shareholders are:
- Hector McNeil and family 66% of the equity having invested a total of £310,354
- Terry Browne and family 13%, with an investment of £61,300
- Adrian Fraine 5% with an investment of £22,000
The total invested to date by shareholders and directors amounts to over £470,000 in the professional era.
London Skolars have ambitious plans to build on their current playing achievements and are actively looking for new major investors and sponsors to join them and help them succeed. The club is also actively looking at stadium opportunities including long term investment in New River their current home, all of which should be very attractive to external investors.
For any further information or comments, please contact Terry Browne, Chairman, London Skolars Ltd: info@skolarsrl.com
