Exeter Chiefs' American Takeover: Tony Rowe on Rugby's New Era
Tony Rowe, the visionary behind Exeter Chiefs' rise from humble beginnings to Premiership and European Cup glory in 2020, is now steering the club toward a transformative new chapter. As the West Country club joins rugby's modern-day gold rush, Rowe looks forward to injecting some American razzmatazz and potentially expanding the Premiership into Wales.
The Winds of Change at Sandy Park
On a damp morning at Sandy Park, the atmosphere is buzzing with anticipation. After 33 years at the helm, Rowe, now 77, is preparing to hand over the reins to a mega-wealthy American investor, pending approval from the club's 700-odd members at an extraordinary general meeting on 7 May. This move marks a significant shift from the romantic Cinderella story of promotion to the Premiership in 2010 to a new era where financial pragmatism takes center stage.
"We've got to wake up and smell the coffee," Rowe declares from the boardroom, emphasizing the need for fresh investment. "I've effectively run a business for the last 30-odd years for a shareholder who's got no money. What I'm looking forward to is an investor who's got some money. That'll be a massive difference for me."
Expanding the Premiership: A Vision for Growth
Rowe argues that the current 10-team Premiership is financially unsustainable and advocates for expansion to 12 or even 14 clubs. He proposes including Welsh teams like Swansea and Cardiff to revitalize Welsh rugby and boost revenue. "Ten clubs is not enough. Financially it doesn't work for anybody. We've got to get to 12 clubs and, in my view, we should go to 14. I still believe we should approach the Welsh. I think it would pump life into Welsh rugby and we need the games financially."
He points to logistical feasibility, noting that driving to Wales for weekend games would not be a struggle for Premiership clubs, similar to arrangements in cricket. This expansion, Rowe believes, could align the stars for a brighter future in English rugby, moving beyond recent financial setbacks.
Financial Challenges and Criticisms
The Covid-19 pandemic and a subsequent mini-recession cost Exeter Chiefs around £25 million, a blow exacerbated by what Rowe describes as inadequate support from the previous government and the Rugby Football Union. "The government promised us a grant which at the last minute they turned into a loan. And the RFU decided they would only give us 50% of what they were meant to give us."
Rowe also criticizes the 2018 deal with CVC Capital Partners, which granted the private equity firm 27% of commercial rights. "We should never have sold the shares to CVC. They're muttering that they're going to do something now but are they? They haven't done much for the last six years. They're sitting pretty, aren't they?" He laments a lack of razzmatazz in rugby's marketing efforts, something he hopes the new American owners will address.
Balancing Tradition and Innovation
While embracing change, Rowe is adamant about preserving Exeter's Devonian heart and soul. He has made it clear to the prospective owners that altering the club's core identity would be perilous. "I've made it very clear to these people that you change those things at your peril," he says, using the analogy of a bus heading for success but running out of fuel—the new investors will provide the necessary fuel for greater achievements.
Rowe is optimistic about the future, believing that the club's most successful era, including the double-winning year of 2020, can be surpassed. "The last 25 years of the club have been the most successful to date and I believe we can step on again. It's exciting times." He has agreed to stay on with the new owners, confident in their long-term commitment and understanding of the sport.
Engaging the Next Generation
Recognizing the importance of millennials as future supporters, Rowe emphasizes the need to adapt the game to their preferences. "Our future supporters are millennials. They see life differently. They're the money that is going to keep it alive and we've got to make sure we're taking the game to them." This might mean jazzing up traditional offerings, like adding chips to a pasty, to appeal to younger audiences.
As Exeter Chiefs buckle up for this new ride, Rowe's vision combines financial savvy with a deep respect for tradition, promising an era of growth and excitement for rugby fans.
