Billionaire businessman Patrice Motsepe has concluded a deal with Remgro and the Blue Bulls Company to buy a controlling share in the Pretoria-based franchise.
The much talked about and anticipated deal was unanimously concluded on Thursday evening at a meeting held at Loftus Versfeld.
The new structure will mean that existing shareholders Remgro and the Blue Bulls Rugby Union (BBRU) reduce their previously equal percentage of shareholding from 50% each to 37% and 26% respectively, allowing Motsepe to buy in owning the remaining 37%.
President of the BBRU, Willem Strauss expressed his delight with the new deal.
‘We put a lot of effort into making this possible over the last few months, and I am proud to say that all the union committee members unanimously voted in favor of the deal,’ Strauss said. ‘I firmly believe that private investors will add immense value to our beautiful game going forward.
‘The benefits of this deal is not only to the BBCo at the professional level, it will also make a positive impact on our amateur rugby, at schools, clubs and development levels. We are privileged and excited to have partners like Mr Motsepe in our corner.’
Alfons Meyer, CEO of the BBCo is looking forward to the synergies that the new partnership brings
‘This is a brilliant deal, not only for us at the BBCo, but also for our communities and the sport industry in general,’ Meyer said. ‘I look forward to a host of synergies and opportunities that will be forged between us.
‘With Mr Motsepe also owning soccer giants Mamelodi Sundowns, there is no doubt that a relationship like this will further enhance and entrench our vision to make Tshwane the sporting capital.’
Photo: Jemal Countess/Getty Images for Global Citizen