American consortium buys controlling share in the Sharks
- 2822
American consortium MVM Holdings has bought a 51% controlling share in the Sharks.
In what will be considered as a ground-breaking development for Sport in South Africa, the Durban-based side has sold an controlling share in the franchise after a deal for Western Province and the Stormers fell through earlier this year.
According to IOL Sport, MVM has now acquired the controlling share in the Sharks that eclipses the combined share previously enjoyed by the Sharks and their partners SuperSport.
MVM Holdings, headed by South African born New York attorney Marco Masotti, has concluded a deal with the Durban franchise that will see millions of dollars invested into rugby in KZN and South Africa in general.
Masotti, speaking to Independent Media from New York, said that he intends to ‘spend money to make money’, although it has not been revealed what the exact investment amount has been agreed upon with the Sharks.
‘The response from [Sharks CEO] Eduard Coetzee was incredible,’ Masotti said. ‘The deal was concluded very quickly. What impressed us is that the Sharks are open-minded and hungry to embrace change and grow into the future, and we have so many exciting plans for developing the brand and growing the sport.
When asked about his plans for the Sharks, Masotti added ‘Think big and outside of the box!’
He also went on to name drop World Cup winning Springbok captain Siya Kolisi, who was rumoured to join the Sharks if the deal went through.
‘But we will start with community building. The relationship between one of our investors in Vincent Kai (formerly of the Eastern Cape and now an investment tycoon in the USA) and Siya Kolisi is a special one.
‘While we are obviously going to be based in Durban, we regard growing rugby in the Eastern Cape as a priority.’
