(Bloomberg) -- Ackerley Sports Group LLC.’s exclusivity period to bid for a stake in the commercial rights of South Africa’s Springboks has lapsed, according to the body that oversees the reigning rugby-union world champions.
SA Rugby’s union members last month rejected its plan to sell a 20% share in a newly created commercial-rights company for $75 million to the Seattle-based company. Ackerley, which was selected as the preferred bidder for the stake in 2023, didn’t make a revised offer before its exclusivity period ended Dec. 31, a spokesperson for SA Rugby said in an emailed response to questions.
The governing body, which has barely turned a profit for more than a decade, told lawmakers it risks collapse if it doesn’t boost revenue or secure a commercial deal. Local investors have expressed interest in acquiring a share of the rights. SA Rugby has yet to provide public guidance on expected processes for new bids.
The Springboks have won the World Cup a record four times. Once regarded as an emblem of apartheid due to its formerly all-White composition, the team is now seen as an icon of successful racial integration with a Black captain and representatives from most of the country’s largest ethnic and religious groups.
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