Rugby Australia has confirmed the successful conclusion of its capital raise programme.
The upsized and flexible $80m credit facility on a five-year term was confirmed after RA entered an agreement with Pacific Equity Partners (PEP).
The investment will be focused on the development of the game, particularly women's Rugby, community and pathways.
“RA has been assessing various capital raise alternatives with Jefferies Australia for more than a year,” he said.
”...We plan to invest in the critical areas needed to grow the game - we have identified high-performance integration, Women’s Rugby, Community and Pathways as critical areas to focus on, and I believe investment in these areas will give us the opportunity to capitalise on the exciting major events on the horizon.
“In PEP, we have selected a partner committed to helping us on this path – they are likewise excited about this next chapter for Rugby in Australia and support our vision and plan. They bring deep experience across different sectors, and investment types, including private equity and debt, and we look forward to working with them.
“I would also like to recognise the professionalism of the PEP team throughout this process. I believe together we have achieved a very positive result for the game.”
It comes after RA CEO Waugh announced earlier in the year they would explore the capital rise over private equity, believing it was in the best interests of all stakeholders at this current moment.
“Given the visibility we have on revenues from the British and Irish Lions and World Cups, it became clear that debt capital was going to be the best solution for Rugby," Waugh added.
“This does not compromise RA’s options down the road, which could include private equity investment.
“This approach ensures that we retain 100% of the commercial revenues from the game, that all capital raised will go into the game, and that RA controls its own direction during this next period of growth and development.