Could universities in the UK raise significant funds with their own sports teams, broadly following the US model?
At least one UK institution has dipped a toe into the water, although the water seems to have been scalding. In May 2007, Simon Lee, then vice-chancellor of Leeds Metropolitan University, announced that the institution was embarking on an “exciting, ground-breaking” foray into professional sport by buying a controlling stake in the Leeds Tykes rugby union team. The team was rebranded as Leeds Carnegie, after Leeds Met’s flagship sports faculty, and the university committed to increasing attendances and corporate support at home games, as well as developing better facilities for the club and the local community. Exactly two years later, The Yorkshire Post revealed that the university was quietly retracting its financial support for the Leeds Carnegie team and returning the shares to Leeds Rugby, although it remained a sponsor for a further season. Leeds Met had spent nearly £2 million on the venture and the university’s finance director, Stephen Willis, admitted that financing the club
