At the request of government, SA Rugby has postponed a meeting that was set to conclude a controversial private equity deal.
The saga related to a major SA Rugby private equity deal – reported to be in the region of R1.3 billion – was supposedly in line to give the green light to Seattle-based to acquire a 20% stake in Saru’s commercial arm for an outlay of R1.3 billion .
The meeting was scheduled to take place in Cape Town on Thursday but will now be rescheduled at the minister’s request to more fully brief government on the proposal. “We had previously briefed him on his appointment, but we understand his request for further assurance considering the newsworthiness of this proposal.”
“I would therefore like to humbly request that tomorrow’s scheduled meeting to decide on the way forward with your members be postponed so that I can be fully apprised of the particulars surrounding this proposed deal, or any deal that may be agreed to through your structures.”“We believe that the proposed partnership, along with our identified partner, offers an opportunity for organic growth rather than simply serving as a cash injection.
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