Tigers fund Welford Road expansion
Leicester have raised more than £4.4million to fund the continued expansion of Welford Road.
The Tigers' plans to turn the stadium into a 30,000-capacity arena include the construction of a multi-story car park and an upgrade of the changing and medical facilities. Leicester raised the funds from issuing convertible loan notes, listed on the Channel Islands Stock Exchange, and placing ordinary shares with new and existing investors.
"We're delighted that once again investors have shown their confidence in the club by digging deep to raise more than £4.4 million, thereby securing the next important phase of the Tigers' future," said chairman Peter Tom.
"We can now move forward with confidence to a listing of our ordinary shares by the end of the year.
"We've had a good season in the Aviva Premiership so far and remain three points clear, with the play-offs to follow.
"It's going to be a hugely exciting finish to the season.
"Thanks to this new tranche of funding we can now ensure the continued development of Welford Road, providing additional car parking not only for the club but also for the nearby hospital and university, firmly establishing Welford Road as a multi-functional centre available to everyone, in the heart of the East Midlands.
"Most importantly, this is one more step towards realising our long-term vision for Leicester Tigers as the most successful and best-supported club rugby team in the world."
The development of the award-winning Caterpillar Stand, which was completed in 2009, increased the Welford Road capacity to 24,000.
It is already the biggest dedicated club rugby stadium in England.