Exeter Rugby Group, which owns Exeter Chiefs, reported a £10.3 million loss at the start of the year as chairman Tony Rowe announced he was seeking a new major shareholder to invest in the struggling club.
The group made after-tax losses of £10.3 million during the 2024-25 premiership rugby season, citing “significant financial pressure” driven by rising operational costs and reduced revenue.
The losses include a write-off of a £6.2 million loan associated with Sandy Park Hotel as part of a £7.4 million total impairment. Tony Rowe bought a stake in the £40 million hotel from the club in December 2022 to help the club pay off debts.
Exeter Rugby Group also operates conference centre facilities at the club’s Sandy Park stadium, which has permission to accommodate up to 20,600 spectators. Permission to hold concerts with up to 15,500 attendees was also granted in November 2023.
The group says that the performance of Exeter Chiefs, which plays in the top Gallagher PREM division of the English league, was “below expectations” last season.
Sandy Park stadium and hotel. Photo: Exeter City Council.
The group’s 2024-25 accounts were published earlier this month, a few days after an interview with The Telegraph in which Tony Rowe said he had employed financial advisors Oakwell to take it to market in search of a new major investor.
He said that the club was not “necessarily” for sale but that the time had come for him to reduce his financial involvement.
Exeter Rugby Group, of which ex-Exeter City Council chief executive Karime Hassan is also a director, has reported substantial losses for the past six years. The group last reported a profit in 2018-19.
The Marriott-operated 250-room Sandy Park Hotel, which opened in April 2022, is now owned outright by Tony Rowe.
He said in his Telegraph interview that he would consider selling it along with the rugby club, stadium and conference centre to a new investor.
