Equity deal: Portfolio committee forces SARU's hand

UPDATE: The saga surrounding the South African Rugby Union’s equity deal took another intriguing twist.

SARU’s appearance before the Portfolio Committee on Sports, Arts and Culture has been brought forward to next week.

As @rugby365com reported earlier this month, the Portfolio Committee insisted SARU appear before it to explain and provide details of the proposed equity deal with the Ackerley Sports Group.

There was a suggestion this meeting would not be able to take place before next year.

However, the committee confirmed that SARU will appear before it to account for the Equity deal and potential partners.

Questions have been raised over, and doubt cast on, the planned vote to have the US$75-million (ZAR1.3-billion) approved on December 6.

“The Portfolio Committee on Sports, Arts and Culture, after consulting with SARU, has again invited them to appear before it next week for a briefing and update on the latest proposed equity deal,” Chairperson Joe McGluwa said.

“This is part of the committee’s mandate to conduct oversight of all entities in the portfolio.”

McGluwa said it was important for the committee to hear ‘firsthand’ about this deal, as rugby is a national asset and belongs to the people of South Africa.

“We have witnessed that there is too much speculation and misrepresentation of the facts,” the committee Chairperson said.

“SARU must trust the committee, and we [the members of parliament] should not be kept in the dark even if SARU has not yet signed on the dotted line.”

He added that the deal must not take the nation by surprise and that South Africans could not be left speculating all the time.

The committee previously had scheduled a meeting with SARU on the equity deal, but SARU felt it would have been premature.

“I am glad that SARU now has considered and indicated their availability.

“This is a move in the right direction and where all stakeholders are now involved, including the people of South Africa.”

The meeting will now take place at Parliament on Wednesday, December 4.

“Any deal can be a good deal, but it must be the right deal,” added McGluwa.

He added that committee members will have an opportunity to listen and get clarity from SARU when determining whether the deal is in the best interest of all South Africans.

“SARU also plans to invite the committee for an on-site visit to see how they operate.”

@king365ed
@rugby365com

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