South African rugby’s transition towards investment from a private equity partner continues to be tortured after a meeting of the President’s Council yesterday resolved to postpone a decision on the matter.
There was supposed to be a meeting today to vote on the proposed private equity deal with US-based Ackerley Sports Group, but this will be rescheduled after Sports Minister Gayton McKenzie requested more time to fully brief the government on the proposal.
A task team was mandated following the meeting to provide more information on key issues for additional clarification to members.
Mark Alexander, president of the South African Rugby Union, said: “We remain committed to transparency and accountability, and it is important to correct the misinformation and posturing that has surfaced in the media.
“We believe our organisation has a long-standing track record for good governance and responsible management, as well as nation-building representative teams.
“Throughout this process, we have diligently adhered to all protocols and followed due process.
“Our actions have consistently been guided by the principles of integrity and fairness.
“We would urge all stakeholders and the public to rely on verified, accurate information and to support our ongoing efforts to uphold the high standards of South African rugby in delivering a sustainable future for the sport.
“Our commitment to the growth and success of the sport in our country remains unwavering.”
The Special General Meeting (SGM) scheduled for today to consider the proposal was postponed at the request of McKenzie, the Minister of Sport, Arts, and Culture, in order to provide additional information as requested.
Joint Statement: SA Rugby postpones SGM at request of the Minister - more here: https://t.co/x7COr5hY0T
— Springboks (@Springboks) October 16, 2024
McKenzie said in his letter: “It is always important that levels of consultation and information sharing are adequate in matters such as these, especially when regarding matters of significant public interest.
“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.”
Alexander added: “We look forward to providing any information the Minister may require.
“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.
“Importantly, it ensures that the Springboks will remain under the control and direction of SA Rugby, safeguarding the future of our organisation.”
A new date for the SGM before year-end will only be confirmed after the engagement with McKenzie.