SA Rugby has 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.
“We received the request from the minister this morning and we are happy to oblige, having shared the request with our member union presidents,” said Mark Alexander, president of the South African Rugby Union (Saru).
“We had previously briefed him on his appointment, but we understand his request for further assurance considering the newsworthiness of this proposal.”
The Minister 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 said: “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.”
Saru addressed concerns publicised in the media regarding a proposed private equity investment during a meeting of the Presidents’ Council in Cape Town on Wednesday.
A task team was mandated following the meeting to provide more information on key issues for additional clarification to members.
Alexander 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.”
A new date for the SGM before year-end will only be confirmed after the engagement with the minister.
Comments