R360 or Ultimate Sevens: Which rugby project would I invest in?
Everyone is an investment expert these days, with a proposal they say will save rugby and a project that will see a return on that backing.
Whether it is the Prem Rugby franchising project, a developing league in the United States or South America, the delayed R360 proposal or the Ultimate Sevens project; there’s an endless array of ideas to sink your teeth into.
So, assuming the required capital was not an issue – one project would demand significantly more than the other – would I invest in R360 or Ultimate Sevens?
Both are private equity and high-net-worth investor-based plans, each focussing on a different issue in the game.
R360 answer to rugby’s woes?
The concept of R360 is brilliant, and it is a shame that classic rugby fear culture has contributed to its postponement from 2026 to 2028. It could be a global spectacle, an Indian Premier League for rugby. It looked epic, on paper at least.
But now the execution looks difficult given the stranglehold of the existing unions; pockets need to run deep to even get up and running and they’ve lost the likes of Antoine Dupont – who I imagine was a target – to a long-term Toulouse deal.
Do the potential benefits outweigh the up-front costs and risks?
Sevens heaven?
Ultimate Sevens, backed by Sunderland FC investors Bia Sports Group, looks like the safer bet. You can capitalise more quickly with a smaller level of investment, and it can scale at a faster rate.
Sevens also requires fewer players and therefore fewer star signings – that both break the bank and annoy their unions – while the scheduled calendar doesn’t clash with anything on the existing sevens circuit.
But the biggest thing going for the Ultimate Sevens is the Olympic Games angle; the entire discipline can ride on the coattails of being part of the greatest show on earth.
Cricket franchises across the globe also prove this model can work, and can be scalable, without vast sums of cash – the IPL and subsequent auctions have only seen valuations grow due to sustained popularity and investment across decades from a smaller base.
And it is for that reason I think the Ultimate Sevens is the superior choice. It also – despite what R360 is trying to achieve – feels younger and has previously said stadiums like Fulham FC’s Craven Cottage would be ideal. It takes rugby to new arenas, like R360 wants to do, but has better prospects of doing it in the near future.
The verdict
Some say R360 has the moonshot potential; the ability to completely turn a sport on its head and generate vast returns for investors. But it is a higher risk play given the state of the current unions and the unwillingness of many to cooperate – it’ll be heavy lifting for years. Some would say that’s actually part of why rugby needs R360.
If you were bullish you’d pour your capital into the little-publicised Ultimate Sevens and make a quick return. It would only need a player like Ilona Maher to join forces with some of the stars of the Puma and French Olympic teams to generate the buzz to sell tickets in a number of markets.
But many have picked, and backed, R360, even at a higher price point. And that’s because sevens can go wrong and people can overestimate just how many people would even be interested in the shortened format of the game.
It is about weighing up the opportunity of growth versus the art of the exit. And based on the information I have, I am leaning towards seeing Ultimate Sevens as the better option.
Former England Sevens captain Ollie Phillips is the founder of Optimist Performance. Follow Ollie @OlliePhillips11