The process to finalise the equity partner for a controlling stake in Western Province Professional Rugby (WPPR) has been expedited according to the Western Province Rugby Football Union (WPRFU) administrator Max Fuzani.
And while the offer is currently before SA Rugby's financial committee, from where it will go to the Executive Committee, ultimately the WPRFU clubs will have the final say to approve the deal or not.
According to Fuzani, they had robust discussions with the clubs this past Thursday at a meeting held at DHL Stadium where he was formally introduced and the roadmap forward was discussed.
"We had a brutal and open meeting," he told IOL Sport on Monday.
"It was a very well-attended meeting by the majority of the clubs. It was a useful meeting to create a platform to share information. Updates were given on the equity deal, the sale of Newlands Stadium, and sharing the perspective of the roadmap with its milestones.
"The clubs wanted to know about the process (of the equity deal) and how we see it unfolding."
SA Rugby in June announced that it started a consultation process with a potential equity partner and the Western Province Professional Rugby (WPPR), the commercial arm of the union, received a formal bid.
The offer is for a controlling share of 74% in WPPR the company responsible for the Stormers and Western Province and it's set to bring a financial injection of R160 million with which they will be able to pay off their mounting debt and secure the future of their franchise.
It is understood that the Stormers especially are eager to see this deal finalised which will put them in a position to acquire the necessary players ahead of the new rugby season.
The former title-holders of the United Rugby Championship (URC) will start their campaign in the third season of the competition on 21 October against the Lions at Ellis Park
Fuzani said there is no timeline as to when they will have the deal over the line, but all parties are on the same page that it has to be completed as soon as possible.
"It is under consideration with the fincom of SA Rugby and then it will be submitted as a presentation to the Exco. The Exco will then make a recommendation to a special general meeting of the clubs.
"It is in that meeting where the transaction will be shared with the clubs. Information will be presented in a transparent manner to them, and they will be given an opportunity to make their observations and decide to approve or ratify the recommendation.
"There has been a request for an acceleration of the process, we all have taken note of that."
The Union has been under administration by SA Rugby since October 2021 and once the two major processes, the equity deal and possible sale of Newlands are finalised, control will be returned to WPRFU.
IOL Sport