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Thread: Tattarang seeks exclusivity in Rugby Australia investor search

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    Tattarang seeks exclusivity in Rugby Australia investor search

    Well well well...

    https://www.afr.com/street-talk/tatt...0230905-p5e24l


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    Executive departure dramas and desert jamborees aside, Andrew and Nicola Forrest’s well-oiled private investment vehicle Tattarang rolls on.

    Street Talk understands the John Hartman-led vehicle – the ultimate parent of most of the Forrest empire’s interests and the holder of the family’s shares in Fortescue Metals – has entered a final round of negotiations to be Rugby Australia’s new investor.

    The formal talks, which got underway last week, follow a one-on-one meeting between Hartman and Rugby Australia boss Hamish McLennan at Tattarang’s waterfront offices in Perth in late August. The latter is seeking exclusivity on the deal, sources say.

    Jefferies-advised Rugby Australia has been on the hunt for a $250 million growth capital injection at a valuation said to be about $2 billion. Tattarang is vying for the asset with global buyout fund CVC Capital Partners, which has ridden the sporting M&A boom hard, investing in the likes of La Liga, Spain’s top soccer division, and US private equity firm Silver Lake, which invested $200 million in Rugby New Zealand in 2022.

    To win over private equity, Rugby Australia is promising returns generated from broadcasting and streaming rights, merchandise revenues and ticket sales, said McLennan.

    It’s no secret Forrest is passionate about local businesses and brands. He’s funded the Western Force rugby team in Perth – showing he’s willing to back an underdog, and more than doubled earnings at Australian boot maker and saddler RM Williams to $45 million, since investing three years ago.

    Rugby Australia made a $4.5 million operating loss in 2021 on revenue of $98.6 million, up from a $27 million operating loss in 2020. In 2022, it made an $8.2 million profit on revenue of $129.2 million.

    Despite the loss, McLennan expressed confidence Rugby Australia can leverage the sport’s “golden decade” to increase revenues and return to profitability.

    Last month, it announced a major restructure whereby it would gain control over key management, coaching and talent decisions at the country’s five Super Rugby clubs.

    The NSW Waratahs, Queensland Reds, Canberra Brumbies, Melbourne Rebels and Western Force agreed to pursue a model that would give RA oversight of high-performance programs and key personnel changes at Super Rugby Pacific and Super W.

    RA signed a $100 million, three-year broadcast rights agreement with Nine Entertainment in November 2020, and is gearing up to compete in the men’s Rugby World Cup, due to kick off in France later this week.

    Once complete, it is expected to be the biggest restructure in Australian rugby union history.

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    Veteran SNOB's Avatar
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    That must be making Phil Whare cringe!

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    May the FORCE be with you!

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    (Previously WFDS) WFDom's Avatar
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    Quote Originally Posted by SNOB View Post
    That must be making Phil Whare cringe!
    2 shades of blue he’ll have to worry about now! 🤣

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    Great game, Fucken battled right through to the 80!

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    Champion Contributor todd4's Avatar
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    Quote Originally Posted by SNOB View Post
    That must be making Phil Whare cringe!
    I think the main concern for Phil is how you've managed to mangle his name. lol

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    Could see that going pear shaped real fast. With Forrest already "in the tent" with rugby...they'll see it as a gift rather than business deal. Although no excuses if Tattarang didn't see that coming, as they at least know exactly what they're dealing with.

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    Quote Originally Posted by AndyS View Post
    Could see that going pear shaped real fast. With Forrest already "in the tent" with rugby...they'll see it as a gift rather than business deal. Although no excuses if Tattarang didn't see that coming, as they at least know exactly what they're dealing with.
    from what has just happened to Fortescue's CEO & CFO, your either on his bus, or you're in front of it.

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    Immortal GIGS20's Avatar
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    Quote Originally Posted by palitu View Post
    from what has just happened to Fortescue's CEO & CFO, your either on his bus, or you're in front of it.
    Yeah, I think that Twiggy is shrewd enough to run circles around the muppets at RA when writing the contract.

    He got involved publicly 2017 so it's not as if he has false impressions about the organisation.

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    C'mon the

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    Immortal jargan83's Avatar
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    Playing the long game to get rid of the Rebels.

    I like it.

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    Immortal Contributor shasta's Avatar
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    Quote Originally Posted by jargan83 View Post
    Playing the long game to get rid of the Rebels.

    I like it.
    You seem to have a suspicious mindset there. I like that.

    P.S. Looks like Saints have solved their spine problems??

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    "The main difference between playing League and Union is that now I get my hangovers on Monday instead of Sunday - Tom David


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    Immortal jargan83's Avatar
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    Quote Originally Posted by shasta View Post
    You seem to have a suspicious mindset there. I like that.

    P.S. Looks like Saints have solved their spine problems??
    You can keep the young halfback who coincidentally has the same name as our new coach.

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