Stonewood Capital has committed an initial seven-figure sum to the Cornish Pirates, marking a significant financial boost for the second-tier rugby club.
Kenn Moritz, president of private equity firm Stonewood Capital, recalls how a single article in The Guardian last December ignited his interest in an unlikely venture: investing in a struggling English rugby club based in Cornwall. Speaking from his home office in Pittsburgh, Moritz acknowledged the skepticism from his family, saying, “They probably already thought I was crazy, so this is nothing new.”
The article, written by a Guardian correspondent, detailed the Cornish Pirates’ search for fresh investment after nearly folding less than two years earlier. Moritz, who regularly scans trusted global news sources, stumbled upon the piece and felt an unexpected spark. “Without that article, I wouldn’t have made the call,” he said. “It gave me insight into English rugby’s landscape and piqued my curiosity.”
Fast forward five months, and the improbable partnership has become reality. Stonewood now holds what it describes as a “strong minority interest” on the Pirates’ board, joining a consortium of local business owners. In return, the firm has pledged an initial seven-figure investment, setting the stage for an exciting new chapter.
Moritz and fellow investor John H Tippins, both in their 60s, typically focus on industrial companies. But the novelty of backing a rugby club in Penzance has fueled their enthusiasm. “Rugby is far more interesting than manufacturing fiberglass fabric and makes for better cocktail conversation,” Moritz joked. “I don’t get to watch the factory at work very often.”
Fate played a small but crucial role as well. “When Kenn brought up the idea, I said, ‘Really? Rugby? Where?'” Tippins recalled. “He said Cornwall, and guess where I had just returned from holiday?” After speaking with Sally Pettipher, the Pirates’ chief executive, the duo became even more convinced. Moritz noted, “I spoke with Sally, and it was clear something intriguing was happening.”
No one is claiming this is a bottomless treasure trove. Moritz, a trained lawyer, is no starry-eyed dreamer. He hasn’t seen the film *Local Hero* or *Field of Dreams*, but beyond the romance of sports—”I did watch *Poldark*, which was pretty romantic”—he sees a promising business opportunity. “We come at this with what we consider an asset: ignorance,” he said. “We approach things without baggage or sacred cows. We ask logical questions and apply common sense, drawing on experience from other industries. Ultimately, we focus on the same fundamentals: revenues, costs, and how to grow the business and make it more profitable.”
Moritz believes English rugby is becoming increasingly fertile ground for investment, citing recent overseas activity at Exeter Chiefs and Newcastle Red Bulls. “We’re aware of other investments being made,” he said, “and I’m sure there are more to come.”
