Fanfare – but where’s the deal?
Did rugby bosses put the cart before the horse when they announced a spectacular bid to take control of the Isuzu Southern Kings?
Almost three months down the line, negotiations are still ongoing and a deal has yet to be struck between a business consortium and rugby stakeholders.
Maybe it would have been wiser to wait until the deal had been clinched before letting the cat out of the bag.
As hardened officials will tell you, there’s been many a slip ’twixt the cup and the lip on similar rugby matters.
News of the buyout bid, back in August, was made on the same day Isuzu announced it was backing the Kings.
After years of being in the financial doldrums, it appeared as though the Kings had hit a double mega cash jackpot.
At the meeting it was suggested that the buyout bid would be ratified by SA Rugby and that the process was a formality.
We just need to dot our Is and cross our Ts, was the word from insiders.
It was significant that SA Rugby did not send heavyweights like president Mark Alexander or CEO Jurie Roux to the bid announcement.
Such a historic occasion would surely have merited their presence.
In the intervening weeks SA Rugby has not even acknowledged the bid.
“We do not comment on announcements we have not made,” a spokesman said.
This week it emerged that sensitive negotiations are now under way between the EP Rugby Union and the business consortium.
EP Rugby boss Andre Rademan said the talks were at an advanced stage, and he is hopeful that a deal can be reached before the end of the year.
Though a figure for the buyout remains a guarded secret, it is believed to be in the region of R50m.
Such is the sensitivity of the talks that insiders say the consortium – led by businessman Loyiso Dotwana – could walk away from the negotiating table if there are breaches of confidentiality.
The other members of the powerful consortium are businessmen Gary Markson, Rory Stear and Kenny Govender and businesswoman Vuyo Zitumane.
Under-pressure Kings coach Deon Davids will be hoping that a deal can be struck as soon as possible so that extra cash is made available to buy new players and assistant coaches.
This year the Kings have won only one of their opening eight Guinness PRO14 matches and are struggling to make headway.
Their next match is against Irish outfit Connacht at the Madibaz Stadium on November 25, when they will bid to end a four-game losing streak.
Though Rademan has been tight-lipped about the nittygritty of the talks, he feels a deal could be struck before the end of the year.
That positive view will be greeted with enthusiasm by all who follow the Kings.
The team need all the help they can get.
Their overall record of only two wins in 29 PRO14 outings spells out just how dire the problem is.
If this deal is derailed, it will be a catastrophic blow for rugby in the region.
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
FREE TO READ | Just register if you’re new, or sign in.
Questions or problems? Email helpdesk@heraldlive.co.za or call 0860 52 52 00.