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Report: American consortium looking to buy Stormers in multi-million dollar deal that could lead to NBA partnership

28 Jul 2020

The Stormers . (Photo by Steve Haag/Gallo Images/Getty Images)

The cash-strapped Western Province Rugby Football Union could be set for a significant injection of funds from American investors, according to a report out of South Africa.

IOL reports that New York-based company MVM Holdings, headed by leading South African lawyer Marco Masotti, submitted an exclusivity agreement to the WPRFU earlier this month to buy a 51 percent stake in the Stormers for US$6 million.

As majority owners of the Cape Town franchise, the consortium – made up of a group of South African businessmen based in the United States – would obtain controlling interest of the club should the WPRFU accept the offer.

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Speaking to Independent Media on Monday, Masotti said that the union had expressed concern about giving up the controlling share of the Super Rugby side to private equity firm.

He believes, however, the experience his group possesses would help grow the Stormers’ brand to a broad international market in Europe and the USA.

“The Western Province RFU has come back to us with the concern that they should keep the controlling share, but that they would give us an equitable share of the board [of the Stormers],” Masotti told IOL.

“They want to keep control of rugby affairs and we could control the commercial affairs, but that wouldn’t work for us.

“There needs to be one controller and the guys that are involved in this bid have extensive experience in enterprises of this kind — we are talking about owners of NBA and ice hockey teams.”

Masotti – who said US$2m of the US$6m price tag would be invested into the WPRFU, while the remaining US$4m would go into the balance sheet of the Stormers’ board – suggested a takeover of the Stormers could lead to business opportunities with prominent sporting entities.

“The sport of rugby is stressed and needs change to survive and then flourish, and we see so much potential in Cape Town and the Stormers as a brand — they have iconic figures in an exciting team based in one of the world’s great cities,” he said.

“We see great opportunities to link the Stormers with [the] Milwaukee Bucks and grow the brand in Europe and States.”

The chance to team inspirational Springboks and Stormers captain Siya Kolisi up with Bucks star and NBA MVP Giannis Antetokounmpo may well be a marketing ploy too rich to pass up for the WPRFU, especially given the financial landscape in a post-coronavirus era.

It seems the union has taken that into consideration, as Masotti revealed that the WPRFU board member Andre van der Veen had undertaken a search to find an equity investor, which led to the multi-million dollar offer from MVM.

Van der Veen told IOL that MVM’s offer is still very much on the table, with Masotti adding that negotiations are “ongoing”.

“Our discussions with Western Province are ongoing and they are going to come back to us regarding our concerns.”

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MichaelT4 15 minutes ago

Mick Cleary: 'England are back among the heavyweights.'

In fairness to Borthwick he has done a good job of blooding youngsters already himself in matches against the top tier teams. Fin Baxter starting against New Zealand last summer, Cunningham-South too. Fin Smith this year. The squad depth is impressive when you also consider Furbank, Underhill, IFW and George Martin can come back in.

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ZamaZama 19 minutes ago

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RedWarriors 36 minutes ago

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He publicly demanded that the Irish players should be cited and declared their actions reprehensible. The obvious implication is that the referee has made grave errors and that the ‘culprits’ and ‘butchers’ of Dupont were not reprimanded. Of course he publicly stated that he didn’t blame the referee. Ofcourse his meaning was clear and the evidence is collective rage by the French public against the referee. This is dishonest and cowardice by Galthie. The two Irish players he attacked then received threats to their safety by French ‘supporters’.

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MichaelT4 46 minutes ago

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JB 1 hour ago

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Re England … “they stunned France …”

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TI 1 hour ago

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Did innovative England emerge strongest from the Six Nations?

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fl 1 hour ago

Did innovative England emerge strongest from the Six Nations?

It will be interesting to see how developmental the summer squad is. Given how much consistency of selection there was throughout 2024 and the early part of 2025, I wonder if Borthwick’s suddenly erratic teamsheets were an attempt to build enough depth to play almost solely first team players against Argentina.

E.g. if Freeman and Furbank both go to Australia (which I think would be unlikely) England could still field a back three of Marcus Smith, Roebuck, and Feyi-Waboso, with Steward, Daly, Sleightholme, and Murley also in the squad. Similarly if both Curry brothers and Ben Earl all go (which I think would be similarly unlikely) England could still select Tom Willis, Underhill, and Cunningham-South in the back row. Hardly a developmental lineup! There would have to be newer and less experienced players brought in in the second row and at centre, but even here there could be starting partnerships of Martin & Coles and Dingwall & Daly.

I think there’s a good chance England’s progress will be built on directly in Argentina.

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JD Kiwi 1 hour ago

Did innovative England emerge strongest from the Six Nations?

The big concern for me is that our 13 forwards are at a big disadvantage against their 15.

36 Go to comments

Otagoman II 1 hour ago

Did innovative England emerge strongest from the Six Nations?

They had an average game against a Hurricanes side that was marginally better. They were poor protecting their ball and blew many promising attacking raids. Tangitau did his best to win the game by himself with a 85 metre intercept try and a a quick tap kick ahead that resulted in another. Highlanders scored no phase play tries. Joseph said that their attack was basically too conservative playing one out and that the support should of been better. They will need to do better with their attack this saturday as the Reds have plenty of points in them with quick ball.

36 Go to comments

fl 1 hour ago

Did innovative England emerge strongest from the Six Nations?