WP Rugby: Competition Commission's ruling on equity deal revealed
NEWS: The Red Disa consortium’s equity deal in securing a controlling shareholding in WP Professional Rugby (Pty Ltd) was this week approved by the South African Competition Commission.
The clubs that constitute the Western Province Rugby Football Union (WPRFU) General Council, on 30 August, voted by a significant majority in favour of Red Disa’s deal of 74 percent ownership.
The WPRFU retains the remaining 26 percent.
The Red Disa consortium is made up of Cape Town-based investment holding company Fynbos Ekwiteit and Ardagh Glass Packaging, a global business with a strong South African presence.
The Cape-based personal investment company of Andre van der Veen, Marble Head Investments, completes the consortium.
“It felt like Christmas had come early for the players, management, coaches and supporters of rugby in the Western Cape,” said Stormers head coach John Dobson.
“It is a huge moment for rugby in our province and for the Stormers and Western Province professional teams.
“It finally feels real now that the Competition Commission has ruled on the deal and it could not have come in a more appropriate week,” Dobson added, referencing the Stormers’ Champions Cup match against defending champions Stade Rochelais of France.
“These are historic moments in our rugby history in this province.
“Red Disa’s ownership is vital for the financial future of our rugby and I look forward to working with the new ownership, with our primary ambition our desire to create the most innovative and exciting rugby brand in the world, as we strive to marry on-field excellence and performance with the best business practices off the field.”
The story continues below…
#ICYMI: @king365com explicates the menagerie of media reports around the attenuated WPRFU administrative and Newlands sale sagas. 👇#WPRFU #WesternProvince #Newlands https://t.co/Fct21nZjMF
— rugby365.com (@rugby365com) December 15, 2023
The Stormers will play at the Cape Town Stadium for the first time this season in their first-ever clash with Stade Rochelais, which Dobson described as another of those historic moments that spoke to the new era of the Stormers.
“We have hosted six successive United Rugby Championship play-off matches at Cape Town Stadium, including two successive Grand Finals, with last season’s final against Munster played in front of a tournament record crowd. We also hosted a Round of 16 match against Harlequins in the Champions Cup.
“Now we get to host the defending Champions Cup champions, whose squad is stacked with world-class players. It is going to be massive and the setting could not be more ideal for us, with the kick-off at 15.00 [local time] on Saturday, with glorious sunshine expected,” said Dobson.
“We want to make everyone proud and we want to give our new owners and wonderful supporters a win against the best team in Europe,” he added.
Fynbos Ekwiteit’s Johan le Roux reiterated the company’s excitement at the investment into the Stormers and WP Rugby.
“As Capetonians and lifelong fans of WP Rugby and the Stormers, we know what this team means to the people of this province and our investment will only make for a stronger rugby offering in our pursuit to be a world leader in the game,” said Le Roux.
“The Competition Commission’s approval is fantastic news and we are in the process of finalising administrative details with SA Rugby.”
