City hedge fund portfolio manager buys stake in Premiership rugby club
Former Goldman Sachs investment banking associate Jack Ingles has purchased a stake 10 per cent in Premiership Rugby team Gloucester.
Currently a portfolio at hedge fund Point72, Ingles will join majority shareholder Martin St Quinton and fellow businessman Tim Griffiths in the Gloucester Rugby ownership group.
It is reported that both Ingles and Griffiths will hold 10 per cent of the club, with St Quinton making up the remaining 80 per cent.
Gloucester made a loss in their most recent accounts but they performed well against the other nine Premiership clubs.
Their record commercial revenue continues to be overshadowed by a significant figure owed to the taxpayer for a loan deal with DCMS in the midst of Covid-19.
Gloucester have won just one game this season but have scored four tries in all five of their matches, and sit eighth of 10 teams.
Ingles on the board
Commenting on Ingles’ appointment, St Quinton said: “We are thrilled to have Jack join the Board. His significant financial expertise, as well as his long-standing support of the Club, makes him the ideal addition and we are immensely grateful for his commitment to the future of Gloucester Rugby.
“It is a testament to the Club, to Alex Brown and the Director group, that we have attracted investment from someone of Jack’s calibre. I’m confident the Club is in the right hands and on an upward trajectory.”
Ingles added: “I am over the moon to be investing in the club. It’s an exciting time for rugby – the quality of the product has never been better and thanks to its exceptional management, Gloucester Rugby is in a great place to grow with the game.
“I know first-hand how important Gloucester Rugby is to the fans and local community and I am excited to get stuck in and do what I can to help push the club forward.”