New owner, Steve Daniels, 47, co-founded energy business PE Solutions with two partners after entering the utilities market about a decade ago.
The company reportadly grew to a turnover of £1.4bn within seven years, and Daniels has since stepped back from the business to pursue other investments.
Described as a “rugby man through and through”, highlighted by his involvement in the community game and his support for the sport through his business interests.
Although Balls said there was “a serious amount of money” behind the project, he insisted the intention was not simply to rely on a wealthy backer to fund the club indefinitely.
“He doesn’t want to be seen as a sugar daddy,” he said.
“What he wants to see is, if you want X amount of millions here, you show me how that’s going to become sustainable.”
That approach comes after years of uncertainty for London Irish supporters.
The club entered administration in 2023 after financial difficulties left it unable to meet its obligations, ending its time in the Premiership.
The women’s team is also intended to return, with the ambition of reaching Premiership Women’s Rugby.
For now, however, the priorities are securing a competition place, establishing a home ground and putting the right financial foundations in place.
“We didn’t get it right in the past.” Balls admitted. “But we will get it right going forward.”
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