There has been another twist in the ongoing saga related to SA Rugby's dealings in pursuit of a lucrative equity partner.
There has been another twist in the ongoing saga related to SA Rugby’s dealings in pursuit of a lucrative equity partner.majority required for such a transaction to be approved, with seven of the 13 member unions with voting rights opposing the proposal.
This comes after Irish businessman Eddie Jordan denied he ever charged SARU a 15% transaction fee – as claimed by Oberholzer – with the figure apparently closer to around 3%. The recent questioning related to the establishment of a company, Win by One Ltd in SA, and the sub-division of the fee that would have been payable to the international brokers who worked on the deal.For clarity, media are advised of the reasons for the creation of Win by One Ltd:
The creation of the SPV a purely technical process and was performed by BDO for SA Rugby on the instruction of the company secretary. The power to create such an entity is covered by clauses 7.16 and 7.17 of the constitution. The company that comprised the agents and associates who introduced SARU to the transaction presented the commission structure to SARU.
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