Hosie keen on bond scheme

Representatives of the four Home Unions will meet in London tonight to hear more about Tony O'Reilly's proposed cash windfall for the game. He has kick-started plans to inject much-needed funds of anything between £250 and £500 million.

The so-called `Lions Bond' initiative would see cash released by banks - possibly before this season's inaugural Six Nations Championship ends - on a projected profit from the home unions' commercial rights, sponsorship and television income.

It could see England, Scotland, Wales and Ireland collecting upwards of £100 million each, therefore providing financial security the sport has lacked in Britain and Ireland since becoming professional more than four years ago.

Six Nations chairman Allan Hosie, a key player in early talks about O'Reilly's scheme, says today's meeting is designed to bring the Home Unions "up to date." A presentation will be made by O'Reilly's investment bankers Warburg Dillon Read, outlining how the plan could work.

"We will not be talking about who is going to do what, or how much money could be available. At this stage, it is about establishing a basic principle," said Hosie.

Today's gathering is a timely one, given that the English Rugby Football Union management board meets tomorrow at Twickenham to discuss a variety of issues. Senior Scottish Rugby Union officials are also scheduled to meet before Christmas.

"The scheme has got a lot to offer," added Hosie, who chaired the weekend's Six Nations Committee discussions in Italy. "The sport has suffered from too many negatives, negatives that have torn the sport apart, and it is about time we turned a leaf and got on with the job in hand."

Hosie believes that January 31st is a realistic target date to make a decision, and added: "I am indebted to Tony O'Reilly for leading these conversations, and for assisting us in the appointment of the very best advisers."

Should the money become available, it could be used in each of the countries to pay off existing debts, improve funding to clubs and boost grassroots development.

It could also enable unions to contract new players, although a considerable amount of further debate is necessary after an initial cautious response from the likes of English RFU chief executive Francis Baron and chairman Brian Baister.