Ackerley Eyes New Rugby Deal in South Africa After Initial Bid Falls Short
Ackerley Sports Group plans to pursue new commercial rights for the Springboks after its first bid was unsuccessful
Ackerley Sports Group, Springboks, South Africa, Rugby, Gayton McKenzie
City: Cape Town. So, Ackerley Sports Group is back at it, trying to snag the commercial rights for the Springboks after their first attempt didn’t go as planned. They’re not giving up, though!
The Seattle-based group is getting some backing from South Africa’s sports minister, Gayton McKenzie. They’re planning to team up with a professional adviser and any local consortium that’s on board to make this deal happen.
It’s a bit of a race against time since the rugby group is facing some serious financial issues. They need to boost their revenue, and they’re looking to follow in the footsteps of the All Blacks, who recently struck a private equity deal.
Ackerley’s exclusive negotiating window with SA Rugby ended last year, right after their $75 million bid for a 20% stake fell flat. The member unions just weren’t on board with it.
The Ackerley brothers, Chris and Ted, are still optimistic. They believe their strategic plan can be part of any new proposal. They want to make sure it meets the needs of the member unions, too.
Before the vote on Ackerley’s proposal, some unions tied to South Africa’s wealthiest individuals raised objections. The sports minister even called for a delay, and rumors of a rival bid started swirling.
Ackerley expressed disappointment, saying the vote derailed their efforts to globalize and commercialize the Springboks. They also pointed out that this outcome has put the South African Rugby Union in a tough financial spot.
Interestingly, Ackerley had offered to include 50% South African involvement in their final proposal, and it seems McKenzie is still supportive of their involvement.
McKenzie emphasized the need to partner with well-capitalized financial institutions that understand sports business to elevate South African teams on the global stage. He praised Ackerley for their insights and financial expertise.
It’s worth noting that the Ackerley family has a history in sports, owning stakes in various franchises, including basketball and soccer teams. They even bought a minority stake in Leeds United recently.
The Springboks are a big deal, having won the World Cup four times and transforming from a symbol of apartheid to a celebrated team. Ackerley’s determination to pursue a partnership shows they’re serious about making a positive impact.
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