London Welsh Rugby Club Limited and Premiership Rugby (PRL) are pleased to announce that they have reached agreement in respect of a settlement on current financial issues.
The agreement follows a series of positive meetings over recent months resulting in the execution of an agreement between London Welsh, PRL and each of the PRL shareholder clubs.
London Welsh wishes to acknowledge the constructive manner in which PRL and its shareholders have facilitated the arrangements, as well as the RFU.
Club Chairman, Bleddyn Phillips, said: "We are delighted that we have now reached a settlement which addresses certain aspects of our central funding to date and we are grateful to PRL, the RFU and their Executive for the support in achieving this. We believe that this agreement is in the best interests of London Welsh, the PRL shareholders and the RFU.
"On behalf of the Club, I would also like to thank and pay tribute to all our supporters, sponsors and stakeholders for their patience and understanding in bearing with the Club in recent months as we have conducted the negotiations, which ultimately resulted in the agreement signed earlier this week. Their support has been tremendous and unfailing, for which everyone involved in the Club is most grateful.”
The Club will also be announcing details of new player signings and re-signings shortly.
Mark McCafferty, Chief Executive of Premiership Rugby, said: "We're pleased with the agreement reached with London Welsh on our respective issues which has been achieved in a constructive way and which allows the club to focus now on the future”.
The parties will be making no further comment at this time.