Business Day has seen a confidential ‘investment structure and business plan overview’ document

The top brass of the SA Rugby Union (Saru) has agreed to hand full control of the Springboks’ commercial rights to US private equity firm Ackerley Sports Group (ASG), even though the plan is to sell the entity a stake of just 20% in the yet-to-be-constituted company that will house SA Rugby’s commercial rights.

Business Day has seen a confidential “investment structure and business plan overview” document outlining the finer details of the arrangement. It reveals a deal that is heavily skewed in favour of the private equity firm, with ASG paying just $75m (about R1.3bn) for 20% of Saru’s commercial interests…

Most importantly, SA Rugby will not be selling any assets or the Springboks in any capacity to an equity partner. “Instead, our commercial rights inclusive of the [intellectual property] will be licensed to a separate entity that will manage and develop a robust commercial programme.”