Saracens owner Nigel Wray has agreed to sell a controlling stake to a consortium which plans to invest £32million in the Gallagher Premiership club.

The consortium includes World Cup-winning captain Francois Pienaar, while another former Saracen, Maggie Alphonsi, has agreed to join the board.

Dominic Silvester, Chief Executive Office of Enstar Group, Paul O’Shea, a director at Enstar, Nick Leslau, Chairman and Chief Executive of Prestbury Investment Holdings and Marco V. Masotti, a partner at Paul Weiss and an owner of South Africa’s Sharks rugby team are also part of the consortium.

The consortium will form a new non-executive board to enhance the existing board.

It will continue to be chaired by Neil Golding with Lucy Wray remaining as chief executive.

Mr Wray will be retaining a “significant minority shareholding albeit a passive one,” a club statement said.

Mr Golding said: “We move on from the recent challenges with hard lessons learned and with robust new governance procedures in place. We wish to thank the incredible fans and sponsors of Saracens for their continued support and we cannot wait to welcome the Saracens family back to the StoneX in the near future for our return to the Premiership. Dominic, Nick and Francois all have a long association with the club and we are delighted that they are committed to its future.”

Mr Wray said: “I have given my heart and soul to the club for more than two decades, having chaired Saracens since the first days of professionalism. 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.

“To show our continued enthusiasm for the future of Saracens I will be retaining a significant minority shareholding albeit a passive one.”

He added: “I am thrilled to hand over control to the consortium which comprises people who I know well and who understand the culture we’ve been able to create over more than 20 years both on and off the field, particularly within the community through the Saracens Foundation and the Saracens Multi-Academy Trust.

“I am looking forward to becoming just a fan again and supporting the club I love whilst focusing more of my time on the pioneering work of our amazing Foundation and supporting the build out of the Saracens school programme.”