The Melbourne Rebels will have new owners by July with the Australian Rugby Union signing a deal with Imperium Group to privatise the Super Rugby club.
The ARU confirmed on Friday the parties had signed a heads of agreement for the Melbourne-based investment group to buy the club.
Imperium Group is led by managing director and owner New Zealand-born multimillionaire Andrew Cox and his wife Sarah.
The group own the Australasian franchise for restaurant chain TGI Fridays, several luxury boutique hotels in New Zealand and a number of other businesses.
Prominent Victorian businessman Peter Sidwell, the former chairman and majority owner of A-League club Melbourne Heart, now known as Melbourne City, is also involved.
"We are now progressing legal documentation and detailed due diligence is underway to finalise the transaction," ARU chief executive Bill Pulver said in a statement.
"We expect a formal transfer of the company will be completed by June 30."
The Rebels had been under the control of the ARU since majority owner Harold Mitchell handed control of the club to the governing body in 2013.
The ARU annual report revealed the club lost $3.3 million in 2014.
Imperium Group declined to comment until the pending transaction was completed.
The Rebels are having a break-out season and have re-signed most of their young playing group until 2017.
Share
