1. Sport as an Investment The London Irish Experience Chairman Brendan Mullin

2. The London Irish Experience Background Amateur to Professional Rugby 1995 Difficult years 1996-2002 Transformation 2002-2004 The way forward based on sound financials and a positive rugby environment

3. Initial Approach re investment 2001 Interest in sport/ Rugby Access to finance Initial reaction Further analysis

4. Rugby in England at that time Prospects for English Rugby Franchise/ position amongst Premiership Players strike/ RFU Primacy of contract issues Firm position estd RFU/ Premiership clubs

5. Once principles established LIH investment easy decision Investment Equation: property backed / commercial prospects 2001 Losses per annum averaging £1m Crowds at 6,500 2004Profits at £300k Crowds at 11,000 2x 24,000 crowds this season

6. Investment Underwritten share offer Stg£2.2m by firm New and existing investors participation Deal completed BM director to represent 20% interest

7. LI Rugby/ LI Commercial First major trophy Twickenham - Powergen Cup 2001 Good squad Excellent competition - best club tournament in the World

8. Commercially uncertain Within 2 Board meetings obvious problems Management team CEO/ commercial director poor No serious finance function Restatement of budgets Focus on Rugby

9. Radical action required - traditional amateur operation Brendan Mullin Chairman role - December 2002 Second Irish based director added business experience Action 1. Replaced CEO with Conor O’Shea 2. Replaced Commercial Director with Pat Coyne 3. Full time finance function installed and Finance Director installed 4. Positive proactive Board

10. February- April 2002 Very difficult period Off the field cash deficit £0.5m on continuing losses On the field fighting relegation against good quality sides Needed to raise cash Needed to stay in the Premiership

11. Results Beat Bristol last game of season to stay in Premiership Excitement? Tension? Good for business Cash raised - finances now sound Bristol experience when relegated

12. Results Financial Performance – 2003/2004 profit of £300k Commercial Performance / positive background Rugby Performance - consolidation turning to Premiership/ European Cup ambition

13. Support from various sectors Fans - Reading/ Madjeski Stadium Board – more focussed/ aware Sponsors/ Commercial - tougher conditions but English Rugby very strong RWC 2003 impact. Rugby replaced cricket as No 2 sport in England

14. Future Rugby – compatible with profit Commercial – sponsors/ crowds/ merchandise Overall English Rugby - very positive future Clubs in Premiership profitable Return on investment

15. London Irish brand Guinness/ Diageo Global push- USA/ Europe? Unique position amongst Premiership Rugby clubs Must be competitive on the field Must be commercial off it Return on investment/ value in franchise