“The input and perspectives shared by our members have been invaluable, and we respect those perspectives.”The South African Rugby Union opted on Friday to reject a proposal to accept a potential private equity investment in the sport’s commercial rights.
The proposal failed to reach the 75 percent majority required for such a transaction to be approved. Seven of the 13 member unions with voting rights opposed the proposal. Western Province were not allowed to vote. However, US-based Ackerley Sports Group – who were identified by the members as the preferred bidders in December 2023 – have an exclusivity period until the end of 2024 to make a revised offer, should they wish.The deal with Ackerley has been reported to be worth R1.3 billion in exchange for a 20% stake in Saru’s commercial arm.“The input and perspectives shared by our members have been invaluable, and we respect those perspectives,” said Mark Alexander, president of Saru.
“Our goal remains to secure a sustainable and prosperous future for South African Rugby, ensuring that we continue to grow and succeed on both the national and international stages. “We remain committed to working transparently and inclusively as we navigate this process. We thank our members for their engagement and feedback and look forward to presenting revised proposals that reflect our collective vision and goals in due course.”The same meeting elected Mary-Ann Musekiwa — a member of the Executive Council — as its female representative to the World Rugby General Council.Download our app and read this and other great stories on the move. Available for Android and iOS.