Leicester Tigers rugby union club has revealed that it has successfully raised around £4.4m towards the further development of facilities at its Welford Road stadium.

The latest funding has been generated through the issue of a second batch of sub-ordinated convertible loan notes, which have been listed on the Channel Islands Stock Exchange. New ordinary shares have also been placed with new and existing investors, both of which have been sponsored by Cenkos Channel Islands.

The fundraising wll enable the club to move forward with the overhaul of the Holland and Barratt Stand's changing rooms and medical facilities at Welford Road. Leicester Tigers chair Peter Tom said: "Investors have shown their confidence in the club by digging deep to raise more than £4.4m, thereby securing the next important phase of the Tigers' future.

"We can now move forward with confidence to a listing of our Ordinary Shares by the end of the year."