ARU close to freeing itself of Rebels

2015-05-15 09:57
Bill Pulver (File)

Melbourne - The cash-strapped Australian Rugby Union (ARU) are close to selling off the Melbourne Rebels Super Rugby franchise, which will save them more than $2.41 million a year.

The ARU, who announced a loss of $4.8 million for 2014 last month, said on Friday they had entered into an exclusive heads of agreement with a Melbourne-based investment group to sell the remaining shares in the club.

"We are now progressing legal documentation and detailed due diligence is underway to finalise the transaction," ARU CEO Bill Pulver said in a statement.

"We expect a formal transfer of the company will be completed by 30 June 2015."

The ARU took over the Rebels from 2013, when a consortium of private investors walked away from the club after burning through $5.7 million in three seasons.

The ARU said they had spent more than $4.5 million in 2013 on the side, which became the fifth Australian Super Rugby franchise in 2011.

The Rebels finished bottom of the standings in their inaugural season and were again 15th in 2014 but have racked up a best ever performance of six wins this term to leave themselves in contention for a maiden playoff campaign.

Read more on:    rebels  |  aru  |  super 15  |  rugby

What To Read Next


Read News24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.
Live Video Streaming
Sport Talk

Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Sport24 on Twitter

Follow Sport24 news on Twitter


The 2017/18 Absa Premiership season is under way. Can Bidvest Wits defend their title? Will Soweto giants Kaizer Chiefs or Orlando Pirates emerge victorious? Or will the bookies' favourites, Mamelodi Sundowns, taste success for a record eighth time? Stay glued to Sport24 to find out!

Latest blogs

Springbok coach Allister Coetzee remains defiant, saying he won't resign despite a shambolic two years at the helm. Your thoughts?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

There are new stories on the homepage. Click here to see them.