Equity deal: SARU lose at the ballot
NEWS: The South African Rugby Union’s leadership were given a collective ‘bloody nose’ on Friday.
A general meeting at the SARU members resolved to reject a proposal to accept a potential private equity investment in the sport’s commercial rights.
The proposal failed to reach the 75 percent majority required for such a transaction to be approved.
Seven of the 13 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.
“The input and perspectives shared by our members have been invaluable, and we respect those perspectives,” said Mark Alexander, President of SARU.
“Our goal remains to secure a sustainable and prosperous future for the South African game, 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 Executive Council – as its female representative to the World Rugby General Council.
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