SA Rugby has commissioned a governance review by an independent audit firm into the failed R1.4-billion equity bid by the Ackerley Sports Group.
The American consortium’s proposal, which would have given them a 20% stake in SA Rugby’s commercial rights,revealed that SA Rugby CEO Rian Oberholzer had been appointed as the sole director of a private company called “Win By One” in July last year – six months before Saru’s general council rejected ASG’s equity deal, titled “Win By 1”.
According to an SA Rugby press release, Saru’s executive council met later on Friday “to discuss stakeholder concerns raised by certain media reports around technicalities relating to the transaction. For convenience’s sake that entity was called Win by One Ltd. The Win by One LLP company established by ASG is a separate entity in an international jurisdiction in which Saru has no interest.
Such entities require the naming of at least one director until the board of the new company would have been constituted. As the accounting officer of SA Rugby, the CEO was automatically named as the sole director of the new company as is business custom and practice.
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