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Investment Company Imperium Group Closes In On Super Rugby Side Melbourne Rebels

The Australian Rugby Union and the Victorian Rugby Union have confirmed they have entered a "heads of agreement" with investment company Imperium Group (ICG) to buy Super Rugby side Melbourne Rebels, according to the AAP. The Rebels have been financially supported by the ARU since former Majority Owner Harold Mitchell "handed the team over to the VRU" in '13 after losing A$8M in setting up and running the '11 expansion team. It cost the ARU A$3.3M to keep the Rebels afloat last year and the national governing body "has been anxious to secure new private ownership of the franchise." While the ARU will not receive a "big cash amount for the sale, the new owners will assume ongoing liabilities." ARU CEO Bill Pulver said, "We have been discussing the sale of the Melbourne Rebels to ICG in recent months and we are pleased to have reached agreement on the key terms of the deal. We are now progressing legal documentation and detailed due diligence is under way to finalize the transaction. We expect a formal transfer of the company will be completed by June 30" (AAP, 5/16). In Sydney, Roy Ward reported headed by Managing Dir & Owner Andrew Cox, the Imperium Group is involved in "several different businesses including TGI Fridays." Under the terms of the deal the Rebels would "remain a separate business from the VRU but they would work together to grow the game in Victoria." Rebels Chair Jonathan Ling said that the deal would "secure the club's future and allow it to continue to work to develop rugby union in Victoria." The Australian Financial Review reported early this month that former Melbourne Heart Chair Peter Sidwell was involved in the Rebels sale, with Sidwell believed to be an investor in the deal (SYDNEY MORNING HERALD, 5/15).

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

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