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Jersey Reds confirm £1.5m sale

Jersey Rugby has confirmed a £1.5m deal has been done to sell the club to a third party investor.

It comes after 'significant losses' for the three years to June 2016, with more losses expected next year.

The main assets covered by the agreement include the clubhouse, pavilion, stands, car park and both main pitches at St Peter.

These will be held by third-party owners, with the Club paying an annual rental fee and having the option to buy back the assets after three or five years.

The name of the investor has not been released.

The announcement was made to Club members at an Extraordinary General Meeting last night. 120 members attended.

In addition to the costs of the playing squad itself, satisfying the criteria to play in the Championship in terms of maintaining quality playing surfaces, coaching team, medical facilities, spectator facilities, floodlights and administrative support has required a significant level of commitment.

The Club's assets have appreciated in value to reflect the substantial physical improvements.Our focus has been on firmly securing the Club's position in the first instance, which then allows us to undertake a full strategic review on the Club' s future beyond the end of this season as a priority.

– Mark Morgan, Club Chairman

The Chairman added that grassroots rugby would be protected and amateur teams, including minis and juniors would be largely unaffected.

A Strategic Review Board will now be set up to undertake a full review of the Club's situation and a further EGM will happen by the end of January.

Phil Sharp's Vendee Globe bid over

Photo: James Carnegie

Phil Sharp's bid to compete in this year's Vendee Globe is over after the sailor failed to secure a deal for an elite boat.

Sharp's team had been in negotiations over a specific vessel but were outbid by a rival crew meaning they had to pull out due to insufficient time to form another plan with the event seven months away.

The Vendee Globe sees competitors sail solo, non-stop around the world in what is widely regarded as the world's toughest yacht race.

Due to the considerably high demand for these 'golden' IMOCA 60 boats required for a Vendee entry, confirming a boat has been the problem for the last 12 months. We have accepted that unfortunately we can no longer be at the start line of the Vendee Globe this time round.

– Phil Sharp, Sailor

The 34 year old will now turn his attention to this year's Class 40 World Championship, whilst his longer term plan is to compete in the Barcelona World Race in 2018.

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Jordan Reynolds: drastic changes required to save Siam Cup

Guernsey's Director of Rugby has told ITV News "drastic changes" are required to preserve the future of the Siam Cup.

Jordan Reynolds has warned, without an overhaul over the next couple of years, "there may not be a Siam".

The Raiders boss was speaking in light of changes proposed for this year's competition.

The plans would see Jersey - who have won the last seven Siam Cups in a row - only select players who have been with the club for more than three years.

Reynolds has described the move as a "stepping stone".

However, Jersey RFC's Chairman believes Reynolds' fears about the future of the second oldest competition in British rugby are "premature".

We're doing something which we hope will actually fix what was broken but we will only know this year if it's gone far enough to fix it.

– Bill Dempsey

Dempsey said the future of the Siam Cup will be regularly reviewed with the intention of finding a long term solution which suits both parties.

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