Saracens have agreed a £32m (R655m) takeover deal with a consortium of investors that includes South African World Cup-winning former captain Francois Pienaar.
The group will acquire a majority controlling stake in the UK rugby club.
Nigel Wray, the club’s owner for 26 years, retains “a significant minority shareholding, albeit a passive one”, a club statement said.
Pienaar, who led the Springboks to victory at the 1995 World Cup, made 44 appearances as a player-coach for Saracens.
Marco V. Masotti, the owner of South Africa’s Sharks rugby team, is also part of the six-person consortium. Michael Yormark, President of sports management agency Roc Nation Sports International, has also been named as a special advisor.
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“I have given my heart and soul to the club for more than two decades, having chaired Saracens since the first days of professionalism,” Wray said. “Sadly, I’m not getting any younger and I have always wanted to make sure that Saracens is in very safe hands for many future generations.”
A club statement said the investment would be used for a number of improvements at the club, including redeveloping the West Stand, further investing in women’s sport and creating a high-performance training centre.