WPRFU: Update on The American deal
UPDATE: The long-awaited meeting between the Western Province Rugby Football Union (WPRFU) and American investment consortium, MVM Holdings was very 'productive' says Zelt Marais.
New Chairman of Western Province Professional Rugby, Ebrahim Rasool, and Zelt Marais, WPRFU President, met with Marco Masotti, head of MVM consortium and Michael Yormark, President of Roc Nation and a member of the consortium on Friday, November 13.
At the heart of their get-together is the proposal that MVM obtains a controlling (51 percent) share of WPPR.
Marais and Rasool have both punted the meeting with Masotti as key to the possible approval of the deal.
"We had a very productive meeting of the minds and cleared up all the misunderstandings we had before," Marias said after the face-to-face meet up.
"WPRFU agreed a negotiations framework with MVM that is based on mutual respect and appreciation.
Marais added: "We are pursuing an investment partner that will help us to strengthen Western Province Rugby and make it the leading global brand that retains and attracts the best talent."
Meanwhile, Masotti said: "The outcome of last night’s meeting was very positive, and we are happy to be continuing our negotiations.
"We are confident that we can reach an amicable deal that serves the best interest of all parties – including the players, the fans, the clubs and the broader community.
"Most importantly, we are working towards a true partnership with the WPRFU so we can leverage our investment and our expertise to further develop a fantastic global brand,"
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