Deal: ASG interested in SA Rugby. Picture: Adam Davy
In an emphatic statement on Wednesday, SA Rugby clarified that the back-to-back world champions belong to them amid private equity interest.
Saru says Ackerley Sports Group (ASG), an American sports investment company that has owned a klomp teams in the US and recently assumed majority control of Leeds United, was chosen unanimously at a general meeting on December 7, 2023.
The sports body claims ASG’s straightforward proposal focuses on immediate financial gain and guaranteed income, but the deal is not finalised.
Update on SA Rugby's process of finding an equity partner - more here: https://t.co/Vrfnd2K5BC 📝 pic.twitter.com/c0Q0RbxYKi
— Springboks (@Springboks) February 14, 2024
And importantly, Saru wysed that the Boks and other national teams under its umbrella will maintain their existing management and ownership models.
A statement released by Saru in Q & A style reads: “Are [we] selling the Springboks? No.
“The Springboks and all national teams will retain their existing management and ownership models.
“As national institutions, the Springboks and SA Rugby are not transferable to private equity.
“This strategy is about harnessing our commercial rights in partnership with an organisation, creating a separate entity dedicated to elevating our commercial profile.”
Saru adds that it is actively engaged in further discussions, and approval lies with the member unions, the sport’s shareholders. The proposed structure for the partnership will undergo workshops and information sessions while the new commercial entity will set aside an annual fee to cover all current operations of SA Rugby.
A conclusive proposal is anticipated at Saru’s Annual General Meeting on May 30, for their approval or rejection.
devin.hermanus@inl.co.za