07 Jan 2021
MVM Holdings has bought a controlling share in the Sharks after failing to conclude a deal with Western Province.
The American consortium, which is headed by New York attorney Marco Masotti, will own 51% of the Sharks. The current shareholders, the KwaZulu-Natal Rugby Union and SuperSport, will hold the remaining 49%.
The financial terms of the transaction are confidential.
Masotti, who grew up in Amanzimtoti on the KwaZulu-Natal south coast before studying law at the University of Natal, told Independent Newspapers that he had turned to the Sharks after negotiations with WP Rugby had come to nought.
'The response from [Sharks CEO] Eduard Coetzee was incredible,' he said. 'The deal was concluded very quickly.
'What impressed us is that the Sharks are open-minded and hungry to embrace change and grow into the future, and we have so many exciting plans for developing the brand and growing the sport.'
Masotti said that among his first plans is to 'put dollars into the business to help it through Covid and make exciting player acquisitions.'