Western Province Rugby confirmed on Wednesday that it has concluded its equity deal with the Red Disa Consortium, giving controlling shareholding to the Cape Town-based investment company.
The deal has been months in the making after the union's clubs that constitute the Western Province Rugby Football Union (WPRFU) General Council in August voted in favour of the deal, which results in Red Disa acquiring a 74% shareholding in WP Professional Rugby (Pty) Ltd (WPPR).
The Red Disa consortium is made up of investment holding company Fynbos Ekwiteit and Ardagh Glass Packaging, a global business with a strong South African presence. The Cape-based personal investment company of Andre van der Veen, Marble Head Investments, completes the consortium.
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It is understood that Wednesday's confirmation will see an initial injection of R148 million come into the Western Province coffers.
Stormers coach John Dobson welcomed the conclusion of the deal.
"We are all really looking forward to this new chapter and taking our organisation forward together," he said.
"The Red Disa Consortium clearly has the best interests of our team and their supporters at heart and hopefully we can build on the strong foundation that we enjoy given the considerable strength of rugby in the region and the passion that our wider community has for the game."
The SARU-appointed Administrator of the WPRFU, Peter Jooste, felt the deal would ensure the strength of Western Province Rugby into the future.
"We have every reason to be excited about what the future holds as we start this new chapter," he said.
The Red Disa Consortium has this week concluded its equity deal to secure a controlling shareholding
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