Well-known South African technology entrepreneur Stafford Masie is one of the key backers behind an audacious bid to buy a stake of up to 40% in the South African Rugby Union (Saru)-owned entity that owns the commercial rights to the Springboks.
Masie, who chairs JSE-listed Altvest Capital – a key player in the consortium making the bid – joins the TechCentral Show with Altvest CEO Warren Wheatley to unpack the plan and what spurred it, and to explain why tech is central to the bid.
The bid comes after member unions of SA Rugby last week rejected a plan to sell a 20% in the commercial rightsholder to US-based Ackerley Sports Group for US$75-million. Ackerley has until the end of the year to submit a revised offer, but Wheatley and Masie told TechCentral that they do not expect a deal with the American firm will succeed.
The South African consortium is made up of Altvest as well as EasyEquities, RainFin and 27four Investment Managers.
In a statement, the consortium explained that if its bid is successful, it will list the special purpose vehicle that has been created to do the deal on the JSE and allow investors to buy shares.
This is not dissimilar to Altvest’s business model, which sees it taking stakes in companies on behalf of public shareholders who participate in the economic benefits thereof.
Technology
In this episode of TCS, Masie and Wheatley speak about:
- The background to their consortium’s Springboks bid – and why the consortium members came together;
- How the bidders will work with SA Rugby to commercialise the rights, assuming their bid is successful;
- How the deal could affect broadcast partners; and
- Why they believe the deal could be used as a platform for technology innovation in South Africa.
It’s an interesting discussion. What do you make of the bid — leave a comment below…
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