It is reported that Perth-based Super Rugby franchise Western Force has lodged a prospectus with the Australian Securities and Investments Commission (ASIC) in which the club aims to raise between $5 million – $10 million to secure its financial future.
The idea was first flagged last October, when the Force went public with a fan ownership model in a bid to save the franchise.
At the time, the decision was made by RugbyWA in direct response to speculation that the Australian Rugby Union is planning to an Australian team from the competition at the end of 2017.
It is still the case now.
The Force are one of three Australian clubs, along with the Melbourne Rebels and ACT Brumbies that are in the firing line as part of SANZAAR’s strategic review into the competition.
But the franchise will not die wondering as they attempt to raise the required funds in $1000 allotments per share. With over 6300 members there is some optimism that public funds can be obtained.
A new company specially set up to buy the Force, Western Force Owners Ltd, has been setup. Presently the licence for the franchise is owned by the ARU which purchased the intellectual property over 12 months ago.
A minimum of $5 million is the minimum amount needed for the Force. If the club cannot raise that amount within four months, it will abandon the attempt.