Following the unsuccessful bid by ASG for a stake in SA Rugby's commercial rights, unions that opposed the deal are demanding the establishment of a committee to oversee future proposals.
Following the failed Ackerley Sports Group (ASG) equity deal in December, unions that voted against the proposal are pressing the South African Rugby Union (Saru) to establish a six-member committee to oversee future bids. This request was conveyed in a letter sent to and acknowledged by Saru yesterday, ahead of Thursday's general council meeting scheduled to discuss the next steps in Johannesburg. The ASG bid, valued at R1.
4 billion for a 20% stake in SA Rugby's commercial rights, fell short of the required 75% approval threshold. Seven out of Saru's 13 voting unions, including the Bulls, Boland, Cheetahs, Griquas, Pumas, Sharks, and South Western Districts, cast dissenting votes. While the Stormers also opposed the deal, they were unable to participate in the vote due to the Western Province RFU being under administration.These unions are now advocating for the formation of a six-member Transaction Committee by Saru. According to their letter, the committee should comprise two SA Rugby executives appointed by the union, two executives from SA Rugby's members and/or commercial affiliates, and two independent individuals possessing the necessary expertise in managing transactions of this magnitude. They emphasize the need for these independent members to have a thorough understanding of the appropriate process and governance requirements
SA Rugby Equity Deal Unions Ackerley Sports Group Transaction Committee Bid Oversight
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