Patrice Motsepe. File Photo: IOL

Pretoria - Mining magnate and businessman Patrice Motsepe has acquired a 37% stake in the Blue Bulls, it was confirmed on Friday afternoon.

The much-anticipated deal was unanimously concluded on Thursday 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 the remaining 37%.

Motsepe also owns Premier Soccer League (PSL) title winning soccer team Mamelodi Sundowns. 

Vodacom Bulls latest signing… Welcome to the #BullsFamily Patrice Motsepe. Read more https://t.co/1UvY1aQSrK pic.twitter.com/JQtv0ElJtq

— Official Blue Bulls (@BlueBullsRugby) November 22, 2019

Welcoming the deal was BBRU President Willem Strauss, who said: “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. 

"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 Motsepe in our corner.

Adding to this was BBCo CEO Alfonso Meyer, who hailed the deal as "brilliant" and that they are "looking forward to the synergies that the new partnership brings"

“This is a brilliant deal, not only for us at the BBCo, but also for our communities and the sport industry in general. I look forward to a host of synergies and opportunities that will be forged between us. With Mr Motsepe also owning soccer giants Mamelodi Sundowns, there is no doubt that a relationship like this will further enhance and entrench our vision to make Tshwane the sporting capital.”

Additional reporting by ANA