SA Rugby will reportedly move forward with Friday’s vote on a proposed equity deal with Ackerley Sports Group (ASG), despite significant opposition from its unions.
According to a News24 article, a letter signed by eight unions, including the Vodacom Bulls, Sharks, Lions, and Griquas, declared their intent to reject the R1.3 billion deal, citing concerns over transparency, governance, and economic feasibility.
The deal, offering ASG a 20% stake in SARU’s commercial arm, requires a 75% majority from the 13 eligible unions. With Western Province unable to vote due to administrative issues, the rejection by eight unions leaves the deal unlikely to pass.
MORE: SA Rugby mourns ‘tough-as-nails’ Williams
It is understood that the letter also criticised the hefty finder’s fee attached to the deal, initially pegged at R135 million, and highlighted the lack of proof of funds from ASG.
The dissenting unions have suggested an alternative proposal, emphasising local investors, improved payment terms, and no commission fees. They also opposed SARU’s efforts to centralise lucrative Test match hosting rights, which unions see as critical revenue streams.
Despite the apparent lack of support, SARU confirmed the vote would proceed, citing procedural obligations.
Photo: Ashley Vlotman/Gallo Images
The post D-Day for SA Rugby’s equity deal appeared first on SA Rugby magazine.
SA Rugby will reportedly move forward with Friday’s vote on a proposed equity deal with Ackerley Sports Group (ASG), despite significant opposition from its unions.
The post D-Day for SA Rugby’s equity deal appeared first on SA Rugby magazine. Read More
