May 13, 2020 / 6:28 PM / 15 days ago

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

FILE PHOTO: Rugby Union - European Champions Cup - Ospreys vs Saracens - Liberty Stadium, Swansea, Britain - January 13, 2018 Ospreys' Sam Davies and Jeff Hassler in action Action Images via Reuters/Andrew Boyers

(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 here "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

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