Foundation blocks laid for Kings buyout deal
A roadmap and time-frames have been put in place for a bigmoney deal that could see a business consortium take control of the struggling Isuzu Southern Kings.
EP Rugby bosses and the consortium met for four hours on Sunday as the parties thrashed out details of the R45m bid.
This was one of a series of meetings that have taken place regarding the buyout, which will be a lifeline for rugby in the province.
“Our meeting went very well. There is a roadmap going forward and there are time-frames in place,” EP rugby president Andre Rademan said.
“We should have finality very shortly, but I can’t say anything further.”
Present at the meeting were the EP Rugby Union executive, the Southern Kings board and the consortium.
It is believed consortium spokesperson Loyiso Dotwana addressed stakeholders about the R45m buyout bid. Apart from being EPRU president, the influential Rademan is also chairperson of the Southern Kings board.
Asked if the consortium would now meet with clubs at a special general meeting, Rademan said: “I can’t answer that question. Common ground was found on the way forward.”
Such is the sensitivity of the talks that insiders say the consortium could walk away from negotiations if there are breaches of confidentiality.
The other members of the consortium are businessmen Gary Markson, Rory Stear and Kenny Govender and businesswoman Vuyo Zitumane.
A transaction summary for the acquisition of a majority stake in SA Super Rugby (who control the Kings) by the Greatest Rugby Company in the Whole Wide World has been distributed to clubs.
Thanks to the cash injection, there are plans to create an academy so that the Eastern Cape can retain and grow rugby talent.
The Kings are now on a break and will resume their season with an away match against Edinburgh at Murrayfield on January 5.