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Documents lodged with ASIC by ISM on Friday reveal that Andrew Cox has relinquished control of the Melbourne Rebels, a development that blindsided the ARU.
The documents show ISM has transferred its shares for $1 to the Victorian Rugby Union, the same price he bought the franchise for in 2015, effectively giving the union a controlling stake in the franchise.
While it is believed the ARU would have had to approve a sale, Cox, Imperium Sports Management and the VRU appear to have found a loophole in that.
The ARU issued a statement on Friday night, confirming it had no knowledge of the documents or the decision until after the fact.
"The Australian Rugby Union (ARU) has tonight received confirmation from a third party that ownership of the Melbourne Rebels had transferred from Imperium Group to the Victorian Rugby Union (VRU)," it read.
"The Melbourne Rebels have an obligation under their Participation Deed to inform ARU of any change of ownership. To date, ARU has received no such communication from the Melbourne Rebels despite recent attempts to confirm their position.
"ARU is urgently seeking to confirm the terms on which this transfer occurred."
https://www.rugby.com.au/news/2017/0...ebels-vru-sale