London Irish return cast into major doubt as takeover collapses
London Irish players in a huddle in the 2022/23 Premiership season
The future of former Premiership club London Irish has been cast into major doubt as the preferred bidder, Hokulani Limited, has pulled out of the running.
London Irish were dissolved at the end of the 2022/23 Premiership season, and were one of three clubs to go bust in that season alone.
London Irish future cast into doubt as takeover bid collapses
Owner of Hokulani Limited, Daniel Thomas Loitz, announced the decision to pull out of the running in an open letter on his personal X account.
“Hokulani Limited formally announces its decision to withdraw from the acquisition process of London Irish (IP and Brand) and the Hazelwood training ground, despite our longstanding interest and confirmed status as the “preferred bidder” presented to the creditors, supported by two certified proofs of funds,” the letter read.
“This decision has not been taken lightly, given our unwavering commitment to preserving the legacy of London Irish and its vital role in the rugby community since we first engaged in this process in June 2023.”
“From the outset, Hokulani Limited has approached this opportunity with a clear and robust vision, underpinned by a comprehensive financial package exceeding £20 million, fully certified and available at all times. Our offer was not only the sole credible bid on the table for an extended period but also one that sought to safeguard the future of rugby at Hazelwood and support the broader London Irish community. It is with deep disappointment that we reflect on the events of the past six months, which have led us to this juncture.”
It later went on to address some of the major concerns surrounding the takeover bid.
“In late 2024, the administration process took an unexpected turn with the introduction of two additional last minute bidders—a Northern Ireland-based group and an American consortium. This development was highly perplexing, particularly given our established position and the advanced stage of negotiations. The administrators’ statement, “We send all the paperwork to every party, and whoever signs first gets it,” was both surprising and frustrating. Such an approach undermined the integrity of the process and disregarded the significant efforts and resources we had invested.”
“Furthermore, the exclusivity phase of the negotiations proved equally challenging. The parameters of the deal were subject to frequent and unexplained changes, creating an environment of uncertainty and instability. These inconsistencies made it increasingly difficult for Hokulani Limited to proceed with confidence, despite our steadfast commitment to the acquisition.”
The letter also detailed the detrimental effects that the delay in the proposed takeover, of any description, would have on the rugby community.
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“It is disheartening to consider the potential consequences of this process for the rugby community, particularly at Hazelwood,” said Loitz. “Should the administrators and other stakeholders choose a path that jeopardizes the future of rugby at this historic site, that decision will rest with them. Hokulani Limited’s vision has always been clear: to preserve and enhance the legacy of London Irish, ensuring that Hazelwood remains a thriving hub for the sport and its supporters. Our financial package was designed to deliver on this vision, backed by the necessary resources and a deep respect for the club’s heritage.”
Loitz also disclosed his and business partner Ronny de Bot’s disappointment at the subsequent collapse of their takeover bid.
“On a personal note, Directors Daniel Thomas Loitz and Ronny de Bot wish to express their profound disappointment with the manner in which this process has unfolded over the past six months. The administration, now extending beyond 18 months, has been technically appointed by a secured creditor, Powerday PLC. While we respect the complexities of such proceedings, the lack of transparency and consistency has been deeply frustrating. It is painful to witness the potential erosion of a club with such a rich history and passionate supporter base.
Finally, it wished the London Irish community ‘strength and resilience’: “To the London Irish community, we wish you strength and resilience in the days ahead. We hope that the club’s future will be shaped by a party with the right vision and dedication to honor its storied past and build a sustainable future. Hokulani Limited remains committed to its broader mission and will continue to explore opportunities that align with our values and principles.”
The club, who finished fifth in their final Premiership campaign, had previously applied for a spot in the Championship for next season.
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