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Tuesday, April 16, 2024

Western Province Rugby Football Union close to new equity deal

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Cape Town – Stormers and Western Province coach John Dobson, along with his assistants and players, will be smiling after positive news of the WP Professional Rugby (WPPR) equity deal was announced earlier today.

A formal bid to acquire an equity stake in the professional arm of the Western Province Rugby Football Union (WPRFU) has been received by the board of WPPR, which means the process to get an equity partner can now move forward.

Rugby’s national governing body, SA Rugby, who placed the WPRFU under administration back in 2021, said in a statement that a consultation process has now been started with a potential equity partner to invest in WPPR. This will provide a valuable financial injection for Dobson and his teams ahead of the next rugby season.

Donson has recently been vocal about the importance of getting the process over the line.

“A formal offer from a preferred bidder has been received by the board of WP Professional Rugby (Pty) Ltd and has been presented to the finance committee of Saru, the statement read.

“That committee, in the first instance, will make a recommendation to the Executive Council (Exco) of Saru, once it has completed consultations with the bidder.

“Once Exco has reviewed the offer, it will be presented to the General Council of WPRFU, which body has the final verdict on any such agreement.”

Max Fuzani was recently appointed as the union’s administrator, after he replaced Rian Oberholzer who took up the reins at SA Rugby. Fuzani was tasked to complete the equity deal and possible sale of Newlands Rugby Stadium after Oberholzer steered the WP ship to calmer waters after being on the brink of bankruptcy.

@Leighton_K

IOL Sport

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