Mining Magnate Patrice Motsepe has concluded a deal with Remgro and the Blue Bulls Company to buy a controlling share in the Pretoria-based franchise.
The much talked about and anticipated deal was unanimously concluded yesterday evening at a meeting held at Loftus Versfeld.
The new structure will mean that existing shareholders Remgro and the Blue Bulls Rugby Union (BBRU) reduce their previously equal percentage of shareholding from 50% each to 37% and 26% respectively, allowing Motsepe to buy in owning the remaining 37%.
President of the BBRU, Willem Strauss expressed his delight with the new deal.
‘We put a lot of effort into making this possible over the last few months, and I am proud to say that all the union committee members unanimously voted in favor of the deal,’ Strauss said. ‘I firmly believe that private investors will add immense value to our beautiful game going forward.
‘The benefits of this deal is not only to the BBCo at the professional level, it will also make a positive impact on our amateur rugby, at schools, clubs and development levels. We are privileged and excited to have partners like Mr Motsepe in our corner.’