Stonewood Capital has pledged an initial seven-figure investment into the Cornish Pirates, a second-tier English rugby club, after an article in the Guardian piqued the interest of its president, Kenn Moritz. The deal gives the US private equity firm a strong minority interest on the club's board, alongside an existing consortium of local business owners.
How a Guardian Article Sparked the Investment
Kenn Moritz, president of Stonewood Capital, was reading the Guardian from his home office in Pittsburgh when he came across an article about the Cornish Pirates' quest for fresh investment. “Without that article I wouldn’t have called,” Moritz said. “It gave me an insight into what was going on in English rugby and piqued my interest.” The article, published last December, highlighted the club's financial struggles and search for new funding.
From Industrial Companies to Rugby
Moritz and his fellow investor John H Tippins, both in their 60s, typically specialize in industrial companies. However, the novelty of rugby has fueled their enthusiasm. “Rugby is much more interesting than, say, manufacturing fibreglass fabric and engenders more cocktail conversation,” Moritz said. Tippins added that fate played a role: he had just returned from a holiday in Cornwall when Moritz brought up the opportunity.
Business Opportunity in English Rugby
Moritz sees English rugby as a sleeping giant, with recent overseas investments in clubs like Exeter Chiefs and Newcastle Red Bulls. “We look at things without having baggage or sacred cows,” he said. “Ultimately we look at the same things: revenues, costs, how can we expand the business and make it more profitable and valuable.” The 2031 Rugby World Cup in the United States also adds to the potential.
Plans for the Future
The investment will be used to improve stadium facilities, strengthen the team, and potentially establish a women's team and academy. Sally Pettipher, the Pirates' chief executive, believes the club could be Premiership-ready within five years. “The great thing about Cornwall is that it’s a rugby county,” she said. “There’s also a massive Cornish diaspora. They’re as loyal to Cornwall as the Welsh are to Wales.”
No Historical Debt
Unlike many Premiership clubs, the Pirates have no huge historical debt, thanks to former owner Sir Richard Evans. Moritz noted that while bigger teams face problems, the Pirates' issues are on a smaller scale, making it an opportunity to get the club oriented in the right direction. Sir Richard, now in his 80s and suffering from Parkinson's, remains mentally sharp and supportive of the new investment.
Pettipher hopes to see the Pirates in the Premiership within Sir Richard's lifetime. “The man is an absolute lion,” she said. “He just loves everybody who loves Pirates.” With the renewed gleam in their eyes, the Pirates are poised for an exciting next chapter.
