Sharks Sold to American consortium.

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Jan 09, 2021, 11:41

MVM Holdings has bought a 51% share of the Sharks for $6m.

Previously a deal with the Stormers fell through but the Sharks have agreed.

Seem Kolisis will move down there as this group intends developing rugger in the E Cape too.


Macro Massoti and Vincent Mai former South Africans are members of this group.

Jan 09, 2021, 12:16

6 m? Probably less than the weekly payroll at ManU.

Jan 09, 2021, 12:21

They got 51% shareholding in the Sharks.  I mentioned tghhe sale yesterday in an oitem dealing with Kolisi moving to the Sharks - MvM   when nngotiating with WP ionsisted that WP must retain Kolisi a he is the "face" of their activities outside of the USA,   Hoowever, as per noraml WP buggered up badly in the negotiations  and tit is likely that WP would soon be on the rocks and bancrupt,

There is reason to believe that  Kolisi will soon play for the Sharks,    

Jan 09, 2021, 20:34

6M is as cheap as chips - Sharks must be in dire straits to accept that

Jan 09, 2021, 23:29

$6 million is a ton of Rands.

But agreed it is peanuts compared to other sports.

Jan 10, 2021, 00:28

Maybe the plan is to buy the Sharks for a while and grow the brand and then sell it again. The Sharks would make money from their 49% ownership. 


Jan 10, 2021, 00:55

It is not clear for me who sold shares to the company concerned  since there is a  SA billionaire, who already owned about 49% of the Sharks shares.   The latest acceptable condition us that private entities may not own more than 75%  of the shares - the rest must be retained by the club/franchise.

In the case of the Bulls Rupert and  Ramnapjosas brother-in-law own 74,5% of the shares, with the Blue Bulls owning the rest,   It is quote possible that Saar and the Sharks sold shares to MvM  and that the actual situation is not the same as the Bulls have at present.          

Jan 10, 2021, 11:51

The Sharks and MVM are looking more towards Europe marketing as  the Rainbow Cup is around the corner.So the Natal Rugby Union and Supersport own the other 49%.
Don't know who owns WP rugby ,in that 2016 liquidation they sold the company to themselves,what a mess.


Jan 10, 2021, 12:53

Moonrover

I do not know what happened - but  Supersport must have taken over part of the shares Saar used to own in the company,   

Be it as it may -  it is reasonable to assume that the franchise only have  themselves owns more than 25,5% of the actual share-holding pf the Sharks,  

Irrespective of  what th case is - the Shark viable financial future has been ensured throuh this deal.  

WP is in a huge mess and the financial company they went into a deal with is now claiming that the franchise should pay them back of the R109 million they paid them to settle their debts they owed.    In return the said company was to take over the Newlands ground and develop a housing scheme on it,   However, that deal tuned sour as well,   

Soon the Bank who lent the R109 million to the company with Newlands being the security is likely to call up the loan and WP will end up without ownership of Newlands and some other of their fixed properties.   The Union is a farce and should be declared a delinquent  organization who cannot run finances,            

 
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