Cape Town – Cricket South Africa will be detailing later on
Friday “the way ahead” for the intended Stellenbosch (Boland region) franchise
in its T20 Global League – due to start in around three months – after the
confirmed withdrawal of one of the two South African owners.
Brimstone, the investment company initially announced at the
glitzy London launch as owners of the franchise - one of eight earmarked for
the competition - have issued a statement confirming earlier reports that they
had “quietly pulled out” of the deal.
Sport24 attempted to contact them on Thursday, and in a
follow-up inquiry on Friday Mustaq Brey, their co-founder and chief executive,
said they had issued an overnight statement, which he then forwarded.
It reads: “Brimstone
today announced that it will not be proceeding with the proposed acquisition of
a T20 Global League franchise.
consortium led by Brimstone was announced as the successful bidder of the
Stellenbosch/Paarl franchise by Cricket South Africa.
announcement in June this year, Brimstone continued its own internal process in
regards to the proposed acquisition of the franchise. As a result of this
process the company has decided not to proceed with this venture.”
It then quoted
Brey: “We follow a rigorous investment process. This venture had to undergo the
same process and be tested against our standard investment criteria as all
other investment proposals.
investment decisions take cognisance of the risks and benefits to all our stakeholders.
We wish CSA well with the T20 Global League and will continue to support the
development of, and access to, the sport in various other ways.”
CSA’s communications chief Altaaf Kazi said they would issue a release later on
Friday “on the Brimstone issue and the way forward for the Stellenbosch
franchise … the release will be self-explanatory.”
Most of the
investors in the franchises are Asian-based.
Brimstone’s confirmed pull-out, South African involvement is currently limited
to one franchise - Pretoria - with Osman Osman of Blu Blood events management
company (though the ownership has also since been described as an “SA
consortium”) the lone stake-holder from these shores.
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