SA Rugby‚ who had been funding the Kings and their participation in the PRO14 after the Eastern Province Rugby Union ran into financial trouble‚ sold the shares to a company called The Greatest Rugby Company in the Whole Wide World Ltd . The cost of the stake is understood to be R45-million.
The deal was recently completed following the conclusion of agreement on the commercial terms. A private equity investor can only acquire a maximum 74% stake in a rugby entity according to SA Rugby’s constitution. SA Rugby had taken control of the Southern Kings in November 2015 when the EPRU‚ to whom the operation of the franchise had been granted‚ couldn’t pay its bills.
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Nominee for Dumbest Company Name of the Decade.