Sharks in red

2016-08-25 12:20
Sharks CEO and former player Gary Teichmann will be expected to find solution to the team's financial woes.

Sharks CEO and former player Gary Teichmann will be expected to find solution to the team's financial woes. (File)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

While the Sharks may be R39 million in the red, the game goes on with new CEO and former player Gary Teichmann at the helm having succeeded John Smit.

Smit’s reign was never smooth. How he came into power in 2013 and how then CEO Brian van Zyl was dealt with, basically being informed to leave and make way for Smit, tainted the former Springbok captain’s time in office with a tarnished brush.

Van Zyl was never happy at what had gone down and penned an open letter to the media in June this year outlining his concern that the Sharks were nearing insolvency. He stated that no financial numbers had been released for 2015 and that in the preceding years, a deficit of approximately R40 million had been accumulated. He said it was the right of Sharks supporters to know what was going on behind the scenes and not to remain uninformed.

“There is a meeting annually in April where the honorary president is decided for the year and the previous year’s financials are approved,” said Van Zyl. “This year, for the first time in Sharks history, these financials were unbecoming as the Sharks were not a going concern at the end of 2015. Shares were sold to SuperSport to get some cash flow.”

As president of Collegians Rugby Club, Van Zyl holds rugby administration dear but he copped much flak for his letter, especially from Smit and KZNRU president Graham Mackenzie, who has since stepped down from his position as well.

“That letter was enough from me and I concentrate on Collegians matters now,” said Van Zyl. “After my letter and opinions were published, I was asked to keep quiet and not cause more trouble. The new CEO is the man to talk to.”

The financials were revealed earlier this week in front of the same delegates who attend the April meeting. Van Zyl was not involved in attending either gathering, hence his referral to the new man in charge.

As far as Teichmann was concerned, the matter was “old news” and the Sharks had seen enough of their fair share when it came to bad press. “That’s all been written about, everyone knows the figures, it’s nothing new,” he said. “As far as I am concerned, I have taken over and am starting a clean slate with my main objective to restore good to the union and Sharks name.

“I was not here when all these figures came to light and created such a negative feel regarding the union. My focus now is to move the Sharks forward, to return to the former glory we know we can achieve.

“It’s about being positive, getting the right people in the right places and watching youngsters from the province develop in the game. I want to restore the culture that has been lost.”

Teichmann confirmed SuperSport had re-capitalised the business and his job was to manage matters and get everything back on track. He also confirmed that KZNRU was still the major shareholder.

Read more on:    pietermaritzburg  |  finances  |  sharks

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.


6 myths about male cancer

It is important to be aware of the most prevalent cancer diseases amongst men in our country.


You won't want to miss...

Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
10 best dressed men of 2017
Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.