Image source, Brian TempestImage caption, Cornish Pirates beat third-placed Coventry in their last league outing
ByBrent PilnickBBC Sport England- Published1 hour ago
Champ club Cornish Pirates have announced new "landmark" investment from American firm Stonewood Capital Management.
The deal is backed by J. Kenneth Moritz and John H. Tippins of the Pittsburgh-based group, with both joining the club's board of directors.
The news comes less than a week after businessman Richard Wastnage also became a member of the board, having provided new financial investment.
The trio join the consortium of local businessmen who took over the Penzance-based club in 2025.
"This is a hugely significant moment for Cornish Pirates," said Pirates chief executive officer Sally Pettipher.
"To attract investment from experienced US investors of this calibre is a powerful endorsement of our strategy, our people and our long-term vision to build real value, both financial and social."
Pirates are seventh in the Champ table and go into their final game of the season on Saturday, away at Hartpury, still in with a chance of making the play-offs.
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The 2031 Rugby World Cup is due to be held in the United States and Pittsburgh is among the cities bidding to host the event.
Moritz, president of Stonewood Capital, said they saw a "compelling opportunity" in Cornish Pirates.
"A club with a proud history, a passionate community and a clear strategic plan for growth," he said.
"Rugby is entering an exciting global phase, and we believe this investment places us at the heart of that journey."
Can Cornwall realise top-flight potential? - Analysis
Cornwall has always been one of rugby union's hotbeds, but the county has never had a top-flight team.
The Pirates have come closest - making the Championship play-off final in 2011 and 2012 - but they have never been able to cross that final hurdle.
With the prospect of a franchise-based Prem in the next few seasons, a team based in Cornwall would be an enticing prospect for the game and early investment could put the club in prime position for a spot in the league in future.
But there is a lot of work to do. The club's Mennaye Field home in Penzance in nowhere near the standard needed for Prem rugby and the club would have to massively expand both on and off the field if they were to be able to compete at that level.
They have had ambitious moments in the past. England 2003 World Cup winner Josh Lewsey talked of investing in infrastructure when he had a short spell as chief executive back in 2013 and the Pirates had a long-held ambition to move to the Stadium for Cornwall in Truro before that project fell by the wayside.
But the fact remains that without rich benefactors willing to fund Champ teams they will make losses. Sir Dicky Evans spent millions on the club for almost three decades before selling to a locally based consortium in January 2025.
Will these be the owners to finally realise the Pirates, and ultimately Cornwall's, top-flight rugby potential? Only time will tell.
