Western Province rugby on Wednesday night secured a landmark deal when its amateur rugby clubs handed over the controlling stake in the union to Red Disa Investment.
News24 understands that of the 159 club votes cast at Cape Town Stadium on Wednesday night, 109 were cast in favour of the deal.
Red Disa is made up primarily of a partnership between the Le Roux family entity, Fynbos Ekwiteit (Michiel le Roux is the founder of Capitec Bank), and Ardagh Africa, South Africa’s leading glass packagers and manufacturers.
The deal secures the union an initial R148 million outlay.
Red Disa will now take on a 74% controlling stake, with the clubs maintaining the other 26%.
Western Province has been placed under SA Rugby administration since October 2021 after it was deemed unfit to manage its own financial affairs.
SA Rugby was not in a position to pay WP salaries for much longer – the money was running out – and that left the investment from Red Disa as the logical solution to a problem that is threatening the very existence of the 2021/22 United Rugby Championship winners.
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