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.
6 m? Probably less than the weekly payroll at ManU.
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,
$6 million is a ton of Rands.
But agreed it is peanuts compared to other sports.
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.
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,
