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| Scarlets 'saved' by new investor | |
| (about 3 hours later) | |
| Llanelli Scarlets say they have secured a new financial backer to safeguard the region's short-term future. | Llanelli Scarlets say they have secured a new financial backer to safeguard the region's short-term future. |
| Just hours after receiving a rescue offer from the Welsh Rugby Union, the Scarlets announced they have struck a deal with businessman Tim Griffiths. | Just hours after receiving a rescue offer from the Welsh Rugby Union, the Scarlets announced they have struck a deal with businessman Tim Griffiths. |
| The Scarlets say the new funding will ensure they will be able to operate until the early part of next year. | The Scarlets say the new funding will ensure they will be able to operate until the early part of next year. |
| The region had been seeking extra funding to cover the cost of the delay in moving to a new stadium. | The region had been seeking extra funding to cover the cost of the delay in moving to a new stadium. |
| The Scarlets want to build 450 houses on their Stradey Park ground, as part of plans for a new 15,000-seater stadium at Pemberton. | The Scarlets want to build 450 houses on their Stradey Park ground, as part of plans for a new 15,000-seater stadium at Pemberton. |
| But the Stradey application was called in by the Welsh Assembly Government in July, just before it was due to go before Carmarthenshire County Council's planning committee. | But the Stradey application was called in by the Welsh Assembly Government in July, just before it was due to go before Carmarthenshire County Council's planning committee. |
| We are pleased to have someone with such a strong commercial background and global contacts Scarlets chief executive Stauart Gallacher | We are pleased to have someone with such a strong commercial background and global contacts Scarlets chief executive Stauart Gallacher |
| Scarlets chairman and benefactor Huw Evans has said the delay will cost them £2m, and warned they would collapse by Christmas. | Scarlets chairman and benefactor Huw Evans has said the delay will cost them £2m, and warned they would collapse by Christmas. |
| The region rejected a loan offer from local businessman Clive Hughes in October, claiming the terms were "undeliverable". | The region rejected a loan offer from local businessman Clive Hughes in October, claiming the terms were "undeliverable". |
| And days later, the WRU turned down the Scarlets' request for a £2m loan on "financial and legal" reasons, but stressed it was sympathetic to the region's plight. | And days later, the WRU turned down the Scarlets' request for a £2m loan on "financial and legal" reasons, but stressed it was sympathetic to the region's plight. |
| On Monday, the WRU announced it had made an alternative offer to buy Stradey Park and so give the Scarlets "the funding to continue to operate at the top level". | |
| But the Scarlets then revealed they had already secured new investment from London-based businessman Griffiths. | But the Scarlets then revealed they had already secured new investment from London-based businessman Griffiths. |
| Scarlets chief executive Stuart Gallacher has not revealed how much money Griffiths has invested, but said there was no security attached to the investment. | Scarlets chief executive Stuart Gallacher has not revealed how much money Griffiths has invested, but said there was no security attached to the investment. |
| "This is really good news for our region and we are very pleased to have reached agreement with Tim," said Gallacher. | "This is really good news for our region and we are very pleased to have reached agreement with Tim," said Gallacher. |
| "It will provide us with immediate financial resources to help see the Scarlets through until the early part of next year and with it the opportunity to get a positive decision on our new stadium. | "It will provide us with immediate financial resources to help see the Scarlets through until the early part of next year and with it the opportunity to get a positive decision on our new stadium. |
| It is quite clear to me that without the new stadium the Scarlets' will cease to exist Scarlets benefactor Tim Griffiths | It is quite clear to me that without the new stadium the Scarlets' will cease to exist Scarlets benefactor Tim Griffiths |
| "We will still be seeking further funding for the Scarlets including studying the detail of today's WRU proposal which we have only just received. | "We will still be seeking further funding for the Scarlets including studying the detail of today's WRU proposal which we have only just received. |
| "However we are pleased to have someone with such a strong commercial background and global contacts backing our business plans to move forward." | "However we are pleased to have someone with such a strong commercial background and global contacts backing our business plans to move forward." |
| Griffiths, who was brought up in west Wales, will be given a place on the Scarlets board as a result of his "substantial financial investment". | Griffiths, who was brought up in west Wales, will be given a place on the Scarlets board as a result of his "substantial financial investment". |
| He is chief executive of Williams Lea, a £450m turnover global company which supplies information management and business process services, and said that losing the Scarlets would be "devastating blow". | He is chief executive of Williams Lea, a £450m turnover global company which supplies information management and business process services, and said that losing the Scarlets would be "devastating blow". |
| "It is quite clear to me that without the new stadium the Scarlets' will cease to exist which would be a tragedy for the area and for Welsh rugby," added Griffiths. | "It is quite clear to me that without the new stadium the Scarlets' will cease to exist which would be a tragedy for the area and for Welsh rugby," added Griffiths. |
| The Welsh Assembly is unlikely to reach a verdict until May on the housing plan for Stradey Park. | The Welsh Assembly is unlikely to reach a verdict until May on the housing plan for Stradey Park. |
| Local residents argue the plans contravene planning regulations as the majority of the area is listed as a flood plain by the Environment Agency. | Local residents argue the plans contravene planning regulations as the majority of the area is listed as a flood plain by the Environment Agency. |
| But Griffiths says he is confident the housing plan and accompanying new stadium project will be given the go-ahead. | But Griffiths says he is confident the housing plan and accompanying new stadium project will be given the go-ahead. |
| "I have carefully and independently verified the business plan for the new stadium. | "I have carefully and independently verified the business plan for the new stadium. |
| "Although this is a different type of investment for me, I don't go into things blindly and my advisers have thoroughly evaluated the Scarlets' future plans both off and on the field." | "Although this is a different type of investment for me, I don't go into things blindly and my advisers have thoroughly evaluated the Scarlets' future plans both off and on the field." |