Western Province Rugby are in talks with two potential private equity partners and chairman Ebrahim Rasool is hoping that they can conclude a deal soon.
WP missed out on a deal with MVM Holdings, who then took their business – and Springbok capatin Siya Kolisi – to the Sharks at the start of the year.
But they have been hard at work to find a new partner according to Rasool, who says: “We are on the verge of having detailed negotiations with two potential equity investor partners.
“We have signed non-disclosure agreements with both of them… We are beyond the huis vra – asking whether we can visit.
“We are now at the point of the engagement and we are hoping that the marriage could take place within the next few months – depending on which suitor is best and who has the best dowry that will be deserving of our franchise and brand.
“The implication of entering these negotiations is that at least one of them has indicated that should they be successful, they have their own CEOs…
“[Therefore] we thought it would be prudent financially and in terms of good negotiating practise to suspend the process of searching for a CEO.”
The news comes amidst reports over the weekend that the South African Rugby Union (Saru) had to intervene in WP’s administrative affairs.
Rasool, though, says: “Saru came in with a request from certain clubs that WP Rugby should be placed in administration.
“The engagement so far has convinced Saru that that is a completely inadequate, unfounded, unneeded step to be taking and that we are indeed solvent – that like all other franchises across the country that we do face Covid challenges.
“And therefore we will engage in a hand-holding exercise to overcome some of these short-term challenges that we do face.
“So there is no administration.What we do have is a cooperation between Western Province and Saru.”