London Irish's transformation from a club who were seemingly content to make up the numbers into a team challenging for the ultimate prize in European rugby has not occurred by accident. It is the fruit of a concerted strategy that had its genesis in the appointment of coaches Brian Smith and Toby Booth and one that everyone associated with the 110-year-old club is determined will result in the exiles being mentioned in the same breath as Leicester and London Wasps in terms of success.

Not even the loss of more than £900,000 in the six months to December can detract from the ambition. John Conlan, the chairman, described the setback as a hiccup, largely brought about by the problems of Llanera, the main sponsor. The Spanish property company went into administration last year. A replacement sponsor is on the cards.

The departure of Ian Taylor, the chief executive and former England hockey goalkeeper, announced on Friday, 24 hours before the club's memorable victory over Perpignan in the Heineken Cup quarter-finals, as well as the finance director, is apparently unrelated. Conlan said that rugby clubs were mature businesses that required a “step change” in the quality of management to meet the demands as well as opportunities afforded by the long-term peace agreement with the RFU that also places significant monetary value on promoting English qualified players in match-day squads.

This has prompted a surge of activity among Guinness Premiership clubs, who can see real potential in a settled environment. London Irish are determined not to be left behind. “There is a lot of change in the wind,” Conlan said. “And change for the better. We want the club off the field to match what is happening on it.

“Paul Gumm, who was financial controller at Cannons [the health club chain] and Pizza Express, is joining us. We hope to have a new CEO in place shortly.”

A fundraising initiative launched two weeks ago to secure an additional £6.25 million is almost fully subscribed. Long-term backers such as Kevin Clancy from the construction and utilities company and Declan Ryan, the son of the late Tony Ryan, the founder of Ryanair, have deep pockets and a deeper commitment. “We may be playing in England and developing England players, but 80 per cent of our shareholders are Irish and our DNA is very much still Irish,” Conlan said.

In the next few weeks Conlan is confident that a deal to secure a 50-acre site not far from Sunbury, their traditional and spiritual base in Surrey, will be agreed. He will not say where, but Staines has been mooted. The club have outgrown Sunbury and want in the medium term to consolidate the flourishing amateur arm to which the professional entity is committed, as well as the support services required to run a multimillion-pound Premiership team. Once that is done, Sunbury will probably be sold for housing. This will not mean, however, that the club will leave Reading, with whom a ground-sharing agreement at the Madejski Stadium exists until 2026.

The club have a gross turnover of about £10 million a year, but the target is to grow the bottom line into profit. The Premiership can see real value waiting to be unlocked when it assumes control of its own media and television contracts from next season, with the ability also to exploit intellectual property rights.

The Ospreys are hoping that Gavin Henson will be fit to face Leicester in the EDF Energy Cup final on Saturday. The Wales player injured an ankle in the Heineken Cup quarterfinal defeat by Saracens on Sunday. After a four week absence with a hamstring strain Brian O'Driscoll could return for Leinster against Munster in the Magners League on Saturday. The Ireland captain has been named in the squad.