SA Rugby's bid to secure a share in its commercial rights with Ackerley Sports Group (ASG) has fallen short, resulting in a R14 million financial penalty. ASG's R1.4 billion offer for a 20% stake failed to gain the required 75% majority vote from the 13 voting unions.
SA Rugby failed to get a majority vote in favour of Ackerley Sports Group obtaining a share in the company's commercial rights.Saru will have to cough up R14-million after its general council voted against Ackerley Sports Group’s private equity bid last month.
“In terms of the agreement reached between the commercial agent and Saru, the said agreement now terminates,” Saru said in a letter sent to union heads last Friday.
Sarugby Ackerleysportsgroup Commercialrights Bidfailure Financialpenalty
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