London Welsh
London Welsh and Premiership Rugby reach financial settlement
ESPN Staff
April 10, 2015
Opeti Fonua
Opeti Fonua© Photo by Christopher Lee/Getty Images

London Welsh and Premiership Rugby Ltd have reached a "settlement on current financial issues".

The Exiles have been without a win all season and will return to the Championship next term. Their plight has highlighted what they deem to be a financial handicap as they received in the region of £2m less central funding than the original shareholder clubs.

To address this imbalance, London Welsh have previously suggested they would be prepared to take legal action, but the two parties - PRL and London Welsh - have now come to a settlement.

"We are delighted that we have now reached a settlement which addresses certain aspects of our central funding to date and we are grateful to PRL, the RFU and their Executive for the support in achieving this," London Welsh chairman Bleddyn Phillips said. "We believe that this agreement is in the best interests of London Welsh, the PRL shareholders and the RFU.

"On behalf of the club, I would also like to thank and pay tribute to all our supporters, sponsors and stakeholders for their patience and understanding in bearing with the club in recent months as we have conducted the negotiations, which ultimately resulted in the agreement signed earlier this week. Their support has been tremendous and unfailing, for which everyone involved in the club is most grateful."

Mark McCafferty, CEO of Premiership Rugby, added: "We're pleased with the agreement reached with London Welsh on our respective issues which has been achieved in a constructive way and which allows the club to focus now on the future."

© ESPN Staff

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