South African Rugby Union (SARU) members voted against a proposed private equity investment deal from United States-based Ackerley Sports Group (ASG) on Friday. Seven of the 13 SARU member unions with voting rights opposed the deal, which required a 75% approval to pass. ASG was willing to invest $75 million for 20% of SARU’s commercial rights company, but the proposal failed. SARU president Mark Alexander stated that these funds were needed to keep the organization afloat.
ASG still has an exclusivity agreement until the end of 2024, which could lead to a revised offer. Other local companies, including AltVest Capital, EasyEquities, 27four Investment Managers, and RainFin, are reportedly interested in investing up to $372 million for up to 40% of SARU’s commercial rights
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