Western Province Professional Rugby chairman Ebrahim Rasool has revealed that he had potentially secured another equity deal in excess of R100 million for a stake in Western Province Professional Rugby, but a failure to act by WPRFU president Zelt Marais has halted proceedings.
According to rugby365.com, Rasool had introduced the equity partner to Marais in April already. It is reported that Marais took two months to further any discussion, of which Rasool had to facilitate again, and another few months before WPRFU signed a non-disclosure agreement. Rasool has reported that to this day no definitive negotiations have taken place.
“Here is a potential R100M-plus investment that has been waiting for six months for the shareholder, and Mr Marais to act, but without any joy.”
ALSO READ: WP boss Zelt Marais faces vote of no confidence on Monday
According to Rasool, The potential investor has substantial investments in other sporting teams, especially rugby and is dedicated to sports investments.
With the financial situation WPRFU has found itself in under the leadership of Marais, it is hard to understand why WPRFU would not accept an equity deal with open arms. With the clubs being the 100 percent shareholder, WP Rugby finds itself at another impasse where they are unwilling to sell a majority stake in the professional arm.
IOL Sport