The Ackerley Sports Group (ASG) will pursue a new deal for the commercial rights to the Springboks rugby team after an initial bid failed.

A Bloomberg report on the Fin24 site says the Seattle-based group, which cited support for its efforts from Sports Minister Gayton McKenzie, said it would work with a professional adviser and would engage with any ‘approved SA consortium’ to revive the deal.

The rugby group is at risk of financial collapse unless it bolsters its revenue by emulating rivals such as New Zealand’s All Blacks, which has concluded a private equity deal, according to SA Rugby President Mark Alexander.

Ackerley’s exclusive negotiating period with SA Rugby lapsed at the end of last year. That was weeks after its $75m (R1.4bn) bid for a 20% stake in an SA Rugby commercial rights company and effective control of its board failed to win support from member unions.

‘ASG remains confident that its strategic value-creation plan should and will be part of any new proposal,’ Chris and Ted Ackerley, the brothers who founded ASG, said.

Ackerley wants to ensure that ‘any future plan is both effective and takes into account the needs of the member unions,’ they said.

Prior to the vote on the ASG proposal, unions linked to SA’s richest men objected to it, and the Sports Minister called for a postponement to the decision.

ASG, which said it had offered to include 50% SA involvement in its final proposal, indicated that McKenzie supported its continued involvement.

‘We must find ways to actually engage and partner with well capitalised financial institutions – who know the business of sports – to bring our great teams and athletes to the international sports landscape,’ McKenzie was cited as saying.

Full Fin24 report

See also full Business Day report