Western Province Professional Rugby chairman Ebrahim Rasool has accused union president Zelt Marais of sitting on a potential equity deal for the past six months.
Rasool has revealed to Rugby365.com that he had potentially secured another equity deal in excess of R100 million for a stake in Western Province Professional Rugby, but a failure to act by Marais has halted proceedings.
According to Rasool, the potential investor has substantial investments in other sporting teams, especially rugby, and is dedicated to sports investments.
Rasool had reportedly introduced the equity partner to Marais. But it took Marais two months to further any discussion, and another few months before WPRFU signed a non-disclosure agreement.
Rasool says that to this day no definitive negotiations have taken place, due to Marais’ stalling tactics.
“In April already I introduced the president, Zelt Marais, to an investor from Hong Kong,” Rasool told the website.
“He [the investor] owns rugby teams and is dedicated to sports investment. He wants to have equity in WPRFU.
“It took some time to get to a non-disclosure agreement, yet till this day – nearly six months later – no definitive negotiations have taken place,” Rasool said.
“I would happily ‘extend’ my mandate again to ensure WPRFU does not lose this equity investor – again – as was the case with MVM.
“The same, with my involvement in the attempted settlement with Flyt/Dream World and the agreement with Staytus.
“I would rather be crucified for doing the right thing in the wrong way, rather than doing nothing in the face of a crisis.
“Here is a potential ZAR100-million-plus investment that has been waiting for six months for the shareholder, and Mr Marais to act, but without any joy.”
On Monday, it was reported that SA Rugby is planning its takeover of financially unstable WPRFU and putting measures in place to ensure there can be no legal challenges should a decision be made to place the union under administration.
Photo: Archive
