Stormers finally confirm equity partner
NEWS: The Western Province Rugby Football Union’s General Council will meet on Wednesday, August 30, when a ground-breaking equity deal will be presented to the union’s primary club stakeholders.
In a statement issued on Tuesday, WPRFU said it is an equity deal that will ensure the “brightest future” for professional and community in the province.
“The proposed deal is with Red Disa Investment and their intended involvement with WP Rugby will solidify the Stormers as a powerhouse in the United Rugby Championship and the Champions Cup,” the statement said.
“It will also consolidate Western Province’s historical standing as one of the most successful teams in the Currie Cup.
“The proposed equity deal, given the local and international partners that make up Red Disa, speaks to a significant investment in the heart and soul of rugby in the province.
“The equity deal will financially secure grassroots rugby and reinforce the nurturing of talent straight through to the professional teams. The equity partners understand the success of WP Rugby is in the strength of the diverse communities that define the uniqueness of the province.
“The deal will also create an environment in which the Stormers and WP supporters can expect the professional teams to be title contenders in all competitions because the equity investment will provide the necessary resources to compete with the best clubs in the world.”
The release also confirmed that Red Disa is the South African Rugby Union’s recommended equity partner.
“It completes a meticulous and thorough process in which the emphasis was finding a corporate partner that embodies the ethos and values of WP Rugby and one that has an appreciation of the history of rugby in the province and also the role of the clubs in the province.
“The diligence in finalising this investment and alignment cannot be overstated.
“It was a detailed, independent process, led by experts specialising in global equity partnerships and investments.
“This is a deeply considered decision.
“SA Rugby, as the custodian of WP Rugby whilst under administration, were never going to make a hasty decision.
“It is a monumental chapter in the history of Western Province, because the investment will safeguard the heritage of rugby in the province and also help realise the professional ambitions of the Stormers globally.”