Eddie Jordan makes intriguing business move away from F1 duties in ‘messy story’

Michelle Foster
Eddie Jordan in the F1 paddock

Eddie Jordan in involved in a 'messy story' with SARU

From the Formula 1 race track to the rugby field, Eddie Jordan is at the centre of a “messy story” involving South African Rugby and his alleged 15 per cent commission.

Someone, says one South African union administrator, “is lying”.

Eddie Jordan’s involved in ‘messy’ SARU story

SA Rugby [SARU] have been searching for a new equity partner and has held talks with various interested parties, including CVC, who own a stake in the Six Nations, United Rugby Championship and Premiership, and American company Ackerley Sports Group [ASG].

That’s where former F1 team boss Jordan comes in.

Through his company Jordan & Associates he helped broker a deal for ASG, one that reportedly came with 15 per cent commission for Jordan. That was reportedly reduced after public outcry before Jordan’s spokesperson later claimed to Netwerk24 that it was between 2.5 and 3.5%.

That’s still a pretty penny for Jordan given ASG’s offer was $75 million.

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“This is a watershed moment for rugby in South Africa as we attempt to ‘globalise’ the Springbok brand in the way that our peers in New Zealand have,” said SA Rugby chief executive Rian Oberholzer at the time. “Private investment will bring financial security as well as the capital investment and global experience and networks to enhance how we communicate, how we do things and how we interact with our stakeholders.”

The deal though has since been shot down by the provincial unions, opening the door for a rival bid and negotiations involving the shareholders of the Bulls, Sharks and Stomers unions.

ASG, however, remain interested with the next meeting of SARU’s executive board set to take place on February 6.

Rapport newspaper revealed that one of union boss called it a “messy story”.

The union boss added: “But it’s also strange that Eddie is only now saying anything, and it feels a bit like he’s trying to protect himself now that the deal is done.

“Let’s just hope we can clear the air and start the new year on a fresh page, with good cooperation.”

Meanwhile, another boss believes “heads are going to roll” if Jordan’s reported 15 per cent commission proves to be true.

Another rugby administrator added: “If Eddie says 3.5 per cent and SARU says 15 per cent, then someone is lying.

“Who negotiated on behalf of SARU, and with whom did he negotiate? If Mark [Alexander, president of SARU] does not take this seriously, there will have to be a motion of no confidence in the entire executive council. We cannot sweep this under the carpet.”

Should the ASG deal go through it won’t be the first time in the last 12 months that Jordan has hit payday in commission fees as he reportedly earned a little over £4 million for brokering Adrian Newey move to Aston Martin. The design guru begins his new job on March 2.

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