South Africa’s only black billionaire, Patrice Motsepe, has taken a key stake in the country’s best performing rugby team, adding to his sporting interests as he already owns the national soccer champions.
Motsepe’s acquisition of a 37% stake in the Blue Bulls Co. gives him an equal stake to that of Remgro Ltd., a company controlled by South Africa’s richest man, Johann Rupert, according to a statement. The agreement was sealed Thursday, Alfons Meyer, the chief executive officer of the Pretoria-side said. The price of the deal wasn’t disclosed.
The equal co-owners of the club, Remgro and the Blue Bulls Rugby Union, cut their interest to 37% and 26% respectively, to pave way for Motsepe’s buy-in, Blue Bulls said.
The Blue Bulls are South Africa’s only multiple winner of the prestigious Super Rugby competition, which includes teams from New Zealand, Australia, Japan and Argentina.
— Official Blue Bulls (@BlueBullsRugby) November 22, 2019
While the bulls came fifth in the competition this year, they were the highest-ranked South African franchise. Mamelodi Sundowns is Motsepe’s soccer club. The teams share a stadium, Loftus Versfeld in Pretoria.
Motsepe, who is brother-in-law to President Cyril Ramaphosa, made his fortune in the gold mining industry but his interests now span a range of metals as well as investments in financial services.
© 2019 Bloomberg L.P.