SA Rugby takes temporary control of the Kings
JOHANNESBURG - SA Rugby has on Monday assumed management control of the Isuzu Southern Kings, having taken back a 74% shareholding in the organisation.
Rassie Erasmus, South Africa’s director of rugby, is liaising with Kings director of rugby and interim coach, Robbie Kempson, on immediate team needs.
Players, management, office staff, sponsors and provincial and metropolitan authorities have been advised of the latest developments. All staff and players of the franchise have been retained.
“I cannot stress enough how reluctant we are to resume control of the Isuzu Southern Kings. It is our last resort and we are keen to explore ways to return to the shareholding to another’s hands, in conjunction with the EPRU, the minority shareholder, who have given the required approval to the decision. The next step is to appoint a new board to oversee the franchise’s affairs and ensure the team is match ready for when we are able to resume playing,” said Mark Alexander, president of SA Rugby.
SA Rugby has appointed a finance team to work with franchise administrators on ensuring salary payments are made and business needs are addressed.
Alexander said the decision was taken following the failure of the Greatest Rugby Company in the Whole Wide World (GRC) to meet its financial commitments relating to the acquisition of the shareholding.
The decision ensures the Isuzu Southern Kings will participate in Guinness PRO14 and/or any other competitions that may be established within the constraints of the COVID-19 pandemic lockdown.
“This was a decision we took with extreme reluctance and after allowing GRC considerable lee-way in which to meet the contractual commitments they made on the acquisition of the shareholding. We appreciated the vision and intentions of the GRC but, unfortunately, we are operating in an unforgiving business environment,” said Alexander.
A decision on whether an administrator needs to be additionally appointed will be taken in the coming days.
Isuzu Southern Kings Timeline:
November 2010: SA Rugby announces intention to field the Southern Kings in Vodacom Super Rugby in 2013.
February 2013: Kings compete in the Vodacom Super Rugby competition as one of five South African teams.
August 2013: Kings lose place in Vodacom Super Rugby in a two-legged playoff against the Lions.
November 2015: SA Rugby takes control of the franchise when EPRU, to whom the operation of the franchise had been granted, ran into financial trouble.
February 2016: Kings return to Vodacom Super Rugby when the competition expands to 18 teams.
April 2017: SANZAAR announces that Vodacom Super Rugby will contract from 18 teams to 15 teams in 2018.
September 2017: The Kings (and Toyota Cheetahs) are included as South Africa’s ground-breaking representatives in the Guinness PRO14 competition.
January 2019: GRC acquires 74% shareholding in the franchise; EPRU retain a 26% shareholding.
June 2020: SA Rugby resumes control of the Isuzu Southern Kings following the failure of GRC to meet contractual commitments.
This article first appeared on EWN : SA Rugby takes temporary control of the Kings
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