The Kings and relevant stakeholders have yet to finalise a ‘historic’ change in ownership that was proposed back in August. CRAIG LEWIS reports.
It’s been nearly three months since the Kings celebrated the announcement of a mega double deal that saw Isuzu Motors coming on board as a sponsor, while a consortium of local black business people was said to be in line to buy a 51% stake in the franchise.
At the time, it was stated that binding offers had been submitted by the relevant parties, and the hope was that approval from the SA Rugby executive committee and in relation to the transaction’s closing conditions would be quickly forthcoming.
However, that process has continued to be delayed, and while it’s understood that the deal has been agreed upon in principle, it has yet to be signed along the dotted line.
EP Rugby Union president Andre Rademan was approached by SARugbymag.co.za on Tuesday for an update on proceedings, and said that he remained hopeful that everything would be finalised by early December.
‘It must still be approved, there are still a few things that they don’t agree with, and we don’t agree with. It’s like a normal contract where there are just a few little things that need to be ironed out. I’m a very positive person, though, so I do believe it will all come together.’
Loyiso Dotwana, who was named as the chairman of the consortium looking to buy a majority shareholding in the Kings, suggested that he remained ‘cautiously optimistic’ that the deal would soon be completed.
‘We are busy finalising the long form right now, the Saru lawyers have come back to us with some proposed changes, and yesterday [Monday] we sent through our document for final agreement.
‘The Saru hierarchy is out in the UK at the moment, but are coming back on 26 November, so we’ve put a deadline of month-end to have this whole thing wrapped up.’
When SA Rugby was approached for comment, it was also confirmed that the final paper work was indeed being dealt with, and that all parties remained ‘intent on signing’ in the near future.