BREAKING: SA Rugby's R1.4 billion equity deal dead in the water
12/06/2024 04:54 AM
The SA Rugby Union (SARU) resolved on Friday to reject a proposal to accept a potential private equity investment in the sport's commercial rights.
The proposal failed to reach the 75% majority required for such a transaction to be approved. Seven of the 13 SA Rugby member unions with voting rights opposed the proposal.
However, the Ackerley Sports Group – which was identified by the members as the preferred bidder in December 2023 – has an exclusivity period until the end of 2024 to make a revised offer, should it wish.
SA RUGBY BOSS EXPLAINS SITUATION
"The input and perspectives shared by our members have been invaluable, and we respect those perspectives," said Mark Alexander, president of SA Rugby.
"Our goal remains to secure a sustainable and prosperous future for SA Rugby, ensuring that we continue to grow and succeed on both the national and international stages.
"We remain committed to working transparently and inclusively as we navigate this process. We thank our members for their engagement and feedback and look forward to presenting revised proposals that reflect our collective vision and goals in due course."
Further advice on the process will be provided as it arises.
The same meeting elected Mary-Ann Musekiwa – a member of the SA Rugby Executive Council – as its female representative to the World Rugby General Council.
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