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Eeastern Province to prove Spears' saviours?
Port Elizabeth - In a press release issued by one of Eastern Province rugby's sub-unions, a clear message has been sent to correct recent media reports that Eastern Province Rugby has sold 50% of its shares to SA Rugby.
This follows SA Rugby's vice-president Koos Basson's declaration last week that SA Rugby had "assumed control" of the Spears via their "purchasing" of 50% of the shares in the three Spears shareholders, Border, SWD and Eastern Province.
The "purchase" involved SA Rugby acquiring 25.1% of the shares in Border and SWD in return for replacing Sail as the guarantor plus the acquisition of Sail's 24.9% shares in each of the two unions in a yet undisclosed price, following SA Rugby getting Border and SWD's rugby executives, to sign away their waiving of their right of first refusal.
However, according the press release, Eastern Province Rugby have not signed away any shares to SA Rugby, nor waived their right of first refusal to the selling of the Sail's shares of 24.9%, following a unanimous show of solidarity from Eastern Province's 116 clubs, to retain the asset value with EP rugby and the Spears.
The meeting of the EP clubs last week, declared that the terms and conditions are not favourable to Eastern Province and neither SA Rugby nor Sail has declared what cash or other offer, SA Rugby has made to acquire the 24.9% shares. The net effect is that SA Rugby has only secured a one-third share of the Spears and that Eastern Province rugby clubs are standing by the order of the High Court of August 4, that the Spears play in the 2007 and 2008 Super 14 competition, as agreed with SA Rugby on June 8 and December 2, 2005.
There is an overwhelming ground swell of support for the Spears emerging from the Eastern Province Rugby Clubs whose power base resides with the four sub-unions outside of the Port Elizabeth metro area.
Chairperson of the Kouga sub-union, Roger Serfontein, and spokesperson for over 70 clubs in the area, all staunch supporters of the Spears franchise said: "Eastern Province rugby and its clubs will not be misled by SA Rugby's hard charging desperate attempts to assume control of the Spears, by rail roading the clubs into a share deal that makes no sense.
With the Spears playing in the 2007 Super 14, it will generate sponsorship revenues of millions of rands into the region, that will flow into the clubs and make them stronger. With the clubs stronger the Spears will become stronger. SA Rugby is unable to match the sponsors' offers".
Serfontein, also the Hankey Villagers Rugby Club vice-president, said his club and others throughout the five sub-unions have waited for years to have a Super 14 franchise in the region and SA Rugby needs to abide by the High Court order of the August 4 which orders that the Spears play in the 2007 and 2008 Super 14. We have the players and we have the sponsors.