Exeter Chiefs seek new investment after £10.3m loss revealed

Exeter Chiefs are seeking new investment after posting a £10.3 million after-tax loss, according to the club’s latest financial accounts.

Figures published by Exeter Rugby Group, which operates Exeter Chiefs and Sandy Park, show the loss was driven by a combination of falling attendances, rising costs and a one-off £6.2 million loan write-off linked to the Sandy Park hotel.

Excluding the loan write-off, the group recorded losses of just over £3 million, up from the previous financial year. Turnover fell by around £1.5 million, while wages across the business increased by £1.4 million.

Income from the rugby operation dropped by more than £1.5 million following a difficult season on the pitch, which resulted in reduced matchday crowds. Sandy Park’s conferencing and events business, however, remained stable, generating just over £2.5 million through exhibitions, conferences and private events alongside rugby fixtures.

Club owner and chief executive Tony Rowe confirmed Exeter Chiefs are actively seeking new backing and hope to secure a new investor during 2026.

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The 77-year-old businessman, who has overseen the club’s rise from the lower leagues to Premiership and European success, said it was time for the club to move into a new phase with outside support.

In a statement, Exeter Chiefs said the club was moving back towards financial stability following the impact of the Covid pandemic.

It said: “As previously stated, Exeter Rugby Club has been working diligently to return to a position of long-term financial stability following the challenges presented by the COVID pandemic. The club is now approaching a return to its former profitable position.

“Our search for investment reflects our ambition to build on this progress and to support a sustainable future of growth and development, ensuring Exeter Rugby Club continues to thrive both on and off the field.”

The accounts have prompted discussion among supporters and residents about Sandy Park’s wider role in the city.

Season ticket holder Mark Henson, from St Thomas, said the stadium had become “part of the city’s infrastructure”.

“On matchdays you see pubs, taxis and food places all busy,” he said. “But it’s not just rugby, conferences, weddings and events matter too.”

Others said the financial losses needed to be viewed in context. Laura Bennett, from Heavitree, who attends several games each season, said many organisations were still dealing with the long-term impact of the pandemic.

Residents living near the stadium also said changes in crowd numbers were noticeable. Tom Collins, who lives close to Sandy Park, said: “When Exeter is flying, you feel it across the city. Fewer crowds definitely has a knock-on effect.”

Mr Rowe has previously pointed to potential reforms in English rugby, including the possibility of a future franchise model, as a way of improving long-term financial security and attracting investors. However, any changes remain several years away.

While the club says it remains in a stable position, the search for new investment is likely to be closely watched by supporters and the wider city.