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Marco Masotti, WP Rugby make peace as negotiations continue

Marco Masotti of MVM Holdings says negotiations to purchase the Western Province Rugby Union will continue, and they are confident they can reach a deal. Photo: Phando Jikelo/African News Agency(ANA)

Marco Masotti of MVM Holdings says negotiations to purchase the Western Province Rugby Union will continue, and they are confident they can reach a deal. Photo: Phando Jikelo/African News Agency(ANA)

Published Nov 14, 2020

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CAPE TOWN – Marco Masotti of MVM Holdings says that they wish to “retract everything that was communicated through the media over the last four months”.

In a statement released by the Western Province Rugby Union on Saturday, it was confirmed that the WPRFU met with the American investment consortium to continue to negotiate a proposed deal that has been under discussion for the past four months.

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New Chairman of Western Province Professional Rugby, Ebrahim Rasool, and WP Rugby president, Zelt Marais met with Masotti, head of MVM consortium, and Michael Yormark, President of Roc Nation, who is also a member of the consortium.

Over the last few months, there have been various critical media reports towards WP quoting Masotti, with some accusing Marais of being ‘self-serving’ and stating that MVM Holdings could walk away from the deal unless there is a willingness to cede majority control.

On the meeting, Marais said: "We had a very productive meeting of the minds and cleared up all the misunderstandings we had before. WPRFU agreed a negotiations framework with

MVM that is based on mutual respect and appreciation. We are pursuing an investment partner that will help us to strengthen Western Province Rugby and make it the leading global brand that retains and attracts the best talent."

Masotti added: "The outcome of last night’s meeting was very positive, and we are happy to be continuing our negotiations.

“We are confident that we can reach an amicable deal that serves the best interest of all parties – including the players, the fans, the clubs and the broader community. Most importantly, we are working towards a true partnership with the WPRFU so we can leverage our investment and our expertise to further develop a fantastic global brand.

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“Furthermore, we wish to retract everything that was communicated through the media over the last four months."

@WynonaLouw

IOL Sport

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