- WP Rugby hopes to meet with potential investor Marco Masotti in Cape Town in November.
- The union's chairperson Ebrahim Rasool says they want to hold a "decisive meeting".
- New York-based MVM Holdings are believed to be eager to invest $6 million in WP Rugby.
Ebrahim Rasool, WP Rugby's newly appointed chairperson, says the union hopes to meet with potential investor Marco Masotti in Cape Town in November.
Masotti, a New York-based lawyer who heads MVM Holdings, wants to invest about $6 million (close to R100 million) in the Cape union - $4-million in the professional arm - Western Province Professional Rugby (Pty) Ltd - and $2-million in the union's amateur arm, the WPRFU.
A prerequisite, however, is for MVM Holdings to have control over the WP Rugby board.
Rasool and WP Rugby president Zelt Marais addressed reporters via an online media briefing on Wednesday.
It followed the resignation of two sponsorship directors from the board of Western Province Professional Rugby (Pty) Ltd.
A variety of topics were discussed but chief among those was Rasool's update on the discussions with MVM Holdings.
"I have been instructed as chair that we write to MVM to say that we know that there is a possibility that Mr Masotti will be in South Africa in November. We would like to meet with him, but we want that to be a decisive meeting which says yay or nay.
"Secondly, in order to prepare for that meeting, I will write to Mr Masotti and ask him to give us three things in documentation form. The one would be to put the financial proposal on the table in clear terms so that we can separate the chaff from the wheat.
"We are saying give us the strategy you have spoken about that adds value to the franchise. Thirdly, tell us who the consortium is, so that we can commence with the due diligence.
"If we do this all within the next few days or weeks, we will be able to come to a definitive decision. What has ended with Masotti, is the (45-day) exclusivity period. But the conversation is still going on and needs to move to the next level.
"We will request those documents in writing so that we can have the conversation in a decisive way when Mr Masotti is in Cape Town, or even electronically if needs be."
- Compiled by Sport24 staff