The Red Disa consortium’s equity deal in securing a controlling shareholding in WP Professional Rugby has been approved by the South African Competition Commission.
On the 30th of August, the clubs that constitute the Western Province Rugby Football Union (WPRFU) General Council voted by significant majority in favour of Red Disa’s equity deal of 74% ownership. The WPRFU retains the remaining 26%.
The Red Disa consortium is made up of Cape Town-based investment holding company Fynbos Ekwiteit and Ardagh Glass Packaging, a global business with a strong South African presence, with Marble Head Investments completing the consortium.
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The economic rights of Fynbos Ekwiteit vest in Fynbos Trust, which was settled by Capitec founder Michiel le Roux. The purpose of the Fynbos Trust is to “contribute to the advancement of South Africa, the advancement of South African sport, culture, religion, education and other interests of South Africans, the protection and advancement of South African animals and vegetation, Afrikaans as a language, and the advancement of the interests of humanity in whichever way or wherever in the world it may be possible”.
“As Capetonians and lifelong fans of WP Rugby and the DHL Stormers, we know what this team means to the people of this province and our investment will only make for a stronger rugby offering in our pursuit to be a world leader in the game,” said Fynbos Ekwiteit’s Johan le Roux. “The Competition Commission’s approval is fantastic news and we are in the process of finalising administrative details with SA Rugby.”
Ardagh Glass Packaging is the leading glass packaging company in South Africa, employing almost 2000 people, and with production facilities in Johannesburg and Cape Town.
Marble Head Investments is the personal investment company of André van der Veen, based in Stellenbosch. André previously served on the board of WPPR where he worked closely with Stormers coach John Dobson on the board’s rugby subcommittee and had oversight of the company’s finances.
“These are historic moments in our rugby history in this province,” said Dobson. “Red Disa’s ownership is vital for the financial future of our rugby and I look forward to working with the new ownership, with our primary ambition our desire to create the most innovative and exciting club rugby brand in the world, as we strive to marry on-field excellence and performance with the best business practices off the field,”
