Hong Kong-based Y11 Sports & Media buys 75.1% stake in Ospreys


(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."

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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)

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