South African Rugby Unions Block Ackerley Private Equity Bid
- Proposal failed to reach the required 75% support from unions
- Ackerley has exclusivity period until the end of the year
A rugby union test match between Wales and South Africa at the Principality Stadium, in Cardiff.
Photographer: Adrian Dennis/AFP/Getty Images
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South African Rugby Union members rejected a bid from Ackerley Sports Group LLC for a stake in the commercial rights to the world’s highest-ranked national rugby team shortly after a rival proposal was made public.
Saru, which oversees the national team, planned to sell a 20% stake in a newly created commercial-rights company for $75 million to Seattle-based Ackerley. Seven of the organization’s 13 member unions with voting rights opposed the deal in a vote Friday, with the proposal failing to get the 75% majority required approval it needed, the body said in a statement.