Cornish Pirates boosted by ‘milestone’ seven-figure deal with US private equity firm

• Stonewood take minority stake in Champ club

• Pirates officials call it a ‘landmark’ deal

Cornish Pirates have stolen a march on some bigger sides in the Prem by becoming the first English rugby union club to complete a significant deal with wealthy American-based backers. The Champ club have joined forces with the Pittsburgh-based private equity firm Stonewood Capital with the aim of revitalising the prospects of the Penzance side.

The long-term arrangement would give Stonewood a substantial minority stake in the club for what is understood to be an initial seven-figure sum. Pirates officials are calling it a “landmark” deal and a “major milestone in the club’s evolution”.