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SA Rugby explain decision to postpone private equity meeting
By Liam Heagney
Rugby officials in South Africa have explained why Thursday’s special general meeting in Cape Town regarding private equity investment in the sport’s commercial rights has been postponed after a political intervention.
A statement read: “SA Rugby have postponed a planned special general meeting (SGM) to consider a proposal to conclude a private equity investment in the sport’s commercial rights at the request of Gayton McKenzie, the Minister of Sport, Arts and Culture.
“The meeting was scheduled to take place in Cape Town on Thursday but will now be rescheduled at the minister’s request to more fully brief government on the proposal. A new date for the SGM before year-end will only be confirmed after the engagement with the minister.”
Mark Alexander, the South African Rugby Union (SARU) president, said: “We received the request from the minister this morning [Wednesday] and we are happy to oblige, having shared the request with our member union presidents.
“We had previously briefed him on his appointment, but we understand his request for further assurance considering the newsworthiness of this proposal. 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.”
In a letter to the SARU, minister McKenzie had written: “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 Thursday’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.”
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