Rugby-Hong Kong-based Y11 Sports & Media buys 75.1% stake in Ospreys
May 13 (Reuters) - Hong Kong-based sports marketing group Y11 Sports & Media has acquired a 75.1% stake in Welsh team Ospreys in a multi-million pound deal, the regional rugby union side said on Wednesday.
Ospreys chairman Robert Davies will continue in his role and, along with other pre-existing shareholders, retain a 24.9% stake, while Y11 CEO James Davies-Yandle and his business partner Donald Tang have joined the Ospreys' board.
"Since the advent of regional rugby, the Ospreys have always aimed to be its pioneers," Davies said in a statement https://www.ospreysrugby.com/news/ospreys-deal-heralds-transformation. "We haven't been afraid to do things differently and to push the envelope. Today's announcement is us doing the same again."
A new holding company, Ospreys International Group, has been established and proceeds from the deal will be reinvested in the club, Ospreys said. (Reporting by Arvind Sriram in Bengaluru Editing by Toby Davis)
