An investor in Baller League and the Professional Fighters League is set to provide funding for the launch of R360, a new rugby format aimed at attracting top professional players. Sky News has learned that 885 Capital, founded by Sudeep Ramnani and Jai Mahtani, is part of a consortium injecting funds into R360, which will include both men’s and women’s professional competitions.
Alongside 885 Capital, other early backers of R360 include Martin Gilbert, who chairs Revolut, and Albachiara, an advisory and investment business specializing in sports sectors. The exact amount of capital invested in R360 so far is unknown, but industry insiders estimate that it will require tens of millions of pounds to cover initial expenses such as player recruitment and marketing.
Critics have labeled R360 a controversial concept because it aims to lure top players like England’s Fin Smith and Henry Slade away from their current clubs to join a new franchise league with 12 teams based in major cities worldwide. The brainchild behind this new format is Mike Tindall, a member of England’s 2003 World Cup-winning team.
Reports suggest that Mr. Tindall has informed players about the secured funding for R360 without disclosing the identities of the financial backers. English players participating in the breakaway tournament may face restrictions from the Rugby Football Union regarding their eligibility to play for the national team.
News of R360’s investors comes shortly after England’s women’s team clinched the World Cup at Twickenham by defeating Canada 35-13. Despite significant interest from investors, R360’s board has decided against selling individual team franchises, opting instead for a centrally owned model to maintain control over team quality and overall product standards during the competition’s early stages.
Funding for R360 has been secured until 2028, with projections indicating profitability by that time. The financial arrangements for R360 have been managed by Oakvale Capital, a specialized corporate finance advisor in sports and gaming. A spokesperson for R360 refrained from disclosing details about the investment partners to uphold confidentiality but expressed enthusiasm for the upcoming global league’s launch next year.
885 Capital did not provide a comment in response to inquiries regarding their involvement in funding R360.
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