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The Australian Rugby Union (ARU) and Victorian Rugby Union (VRU) have started the process of selling off Super Rugby expansion franchise the Melbourne Rebels.
The two bodies, who own the side, announced on Friday they have entered into an exclusive Heads of Agreement with a Melbourne-based investment company to acquire all shares in the Melbourne Rebels Rugby Union Limited. That entity is the company that controls the Melbourne Rebels.
Imperium Group (ICG) is the company in talks with the ARU, and they would become sole owners of the Super Rugby club if the deal goes ahead.
It is a Group headed by former chairman and owner of A-League club Melbourne Heart Peter Sidwell.
The news comes during the Rebels’ most successful year in Super Rugby to date, in which they have recorded six wins from 11 matches and are still in the hunt for the finals series.
It’s been no secret the ARU has had a desire to sell the Rebels for the past couple of years.
If the proposal goes ahead the Melbourne Rebels Rugby Union and Victorian Rugby Union would remain separate entities.
ARU CEO, Bill Pulver said that talks with ICG have been occurring over the past months, and he believes they have reached an agreement on some key pillars of the sale.
“We are now progressing legal documentation and detailed due diligence is underway to finalise the transaction. We expect a formal transfer of the company will be completed by 30 June 2015,” Pulver said.
“We’re confident the proposed new ownership structure will strengthen the club, with the prospective owners committed to ensure the Melbourne Rebels can build on the on-field momentum of recent seasons and grow Rugby in Victoria more generally.”
Melbourne Rebels Chairman, Jonathan Ling, said the move was aimed at securing the future of the club.
“This transaction when completed will secure the financial future of the club. Our CEO, Peter Leahy, was charged by the Board to bring stability and certainty to the Club’s future on and off the field, and in entering into an agreement with the ICG he has delivered just that.
“While this is very good news for the club, our business partners, our fans and members, right now it’s business as usual, with our focus firmly on supporting the Rebels in their quest to be the best they can in the Asteron Life Super Rugby competition and make Melbourne truly proud.”
Join The Roar rugby editor Christy Doran, former Wallaby Matt Toomua and a cast of regular and special guests as they look at the biggest issues in the game on The Roar Rugby Podcast. If you’re looking for great odds on the next game check out Aussie bookmaker PlayUp. Chances are you’re about to lose. Set a deposit limit.