(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