SA Rugby chief Rian Oberholzer has made it clear that the organization will not entertain any proposals to postpone Thursday’s general council meeting or consider alternative private equity bids.
This comes after the four URC franchises – the Bulls, Sharks, Lions and Stormers – along with the Free State Cheetahs, Griquas and Boland, sent a letter to SA Rugby voicing their concerns over the preferred US-based Ackerley Sports Group bid, which will be up for vote at the upcoming meeting.
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Despite the pushback, chief executive Oberholzer reiterated SA Rugby’s commitment to the process in motion, saying in a letter of response that no other private equity bids will be considered during the ongoing negotiations with ASG.
“SARU is currently engaged in an exclusive negotiation period, conducted in good faith, with Ackerley Sports Group,” Oberholzer said in the letter quoted by Sport24.
“This exclusivity remains in place, and any discussions nor transactions regarding equity outside of this mandate may result in a breach of SARU’s exclusivity agreement with ASG.
“As a result, SARU is not in a position to consider any other offer during this period.”
According to a report by Sport24, the franchises requested to submit an equity offer of their own and delay the meeting until it could be discussed, but Oberholzer rejected this, citing the mandate from SA Rugby’s general council meeting on 8 December 2023.
“In your letter, you propose to submit an equity offer to SA Rugby and request a meeting postponement until such an offer is ready,” Oberholzer said.
“Any consideration by SARU of such an offer or postponement on this basis would constitute acting in bad faith, irresponsibly and illegally, thereby violating the mandate established by the general meeting.”
Photo: Ashley Vlotman/Gallo Images
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Src: sarugbymag.co.za
