The unions that voted against the failed Ackerley Sports Group equity deal want the South African Rugby Union (Saru) to appoint a six-member committee to oversee the next potential bid.
This was expressed in a letter sent to and acknowledged by Saru yesterday ahead of Thursday’s general council meeting in Johannesburg at which the way forward is set to be discussed.
In December, ASG’s bid – worth R1.4b for a 20% stake in SA Rugby’s commercial rights – failed to meet the 75% threshold it required.
Seven of Saru’s 13 voting unions – the Bulls, Boland, Cheetahs, Griquas, Pumas, Sharks, South Western Districts – voted no while the Stormers were also against it but unable to vote as the Western Province RFU was under administration.
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These unions now want Saru to set up a six-member Transaction Committee.
According to the letter, the six must consist of two SA Rugby executives appointed by SA Rugby, two executives from SA Rugby’s members and/or its commercial affiliates, and two independent persons ‘with the necessary expertise in managing transactions of this nature, with a good understanding of the appropriate process and governance requirements [appointed by the other four members of the committee]’.
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