Saru is pressing ahead with its plan to buy controlling shares in the Spears franchise.
Die Burger has obtained excerpts from a draft offer sent by the national body to the Spears’ feeder unions, Border, Eastern Province and South Western Districts, to purchase 25.1% of the shares in each of the companies.
Effectively, it could amount to 50%, because Saru will allegedly also try to buy the 24.9% share that South African Investment Limited (Sail) has in each of the unions.
A precondition for the sale of the shares is said to be that the Spears call off their court action against Saru. This would see the Lions, and not the Spears, play in next year’s Vodacom Super 14
In return, Saru would provide an advance to the Spears unions to cover the costs of the action.
According to the newspaper, Border have already decided to accept the offer, while EP have held discussions. SWD have yet to meet regarding the issue.