https://www.biznews.com/interviews/cyrils-appointments-leon-steenhuisen https://media.assettype.com/biznews/2026-07-07/6zy5e68t/solly-yt.png biznews en 2026-07-07T14:29:52.361Z Solly Moeng: Cyril’s “dustbin” appointments and the Leon-Steenhuisen “mud pit”... Solly Moeng, South Africa, Politics, Local Government Elections, Madlanga Commission, ANC corruption, Crime Intelligence https://www.biznews.com/investor-insights/sa-rugby-still-healthiest-bankrupt-union https://media.assettype.com/biznews/import/wp-content/uploads/2023/11/RW-Johnson-Springbok-mania-obscures-real-question-will-rugby-itself-be-abolished.png https://media.assettype.com/biznews/2026-07-07/bdfsvsme/Screenshot-2026-07-07-at-15.33.17.png Figure 1 — Income and expenses (left axis) against the after-tax result (right axis). Every year from 2022 onward, expenses have risen faster than the record income they chase. https://media.assettype.com/biznews/2026-07-07/zzv86jyp/Screenshot-2026-07-07-at-15.34.04.png *2018/2019 total-equity figures are on the pre-restructuring classification basis and are shown indicatively; the 2020–2025 accumulated-funds line is on a consistent audited basis. All revenue, expense and result figures are audited. 2018/2019 are drawn from the 2019 Annual Report (PwC); 2020–2025 from the 2021, 2023 and 2025 reports (Nexia SAB&T). https://media.assettype.com/biznews/2026-07-07/mdx2h9zl/Screenshot-2026-07-07-at-15.35.08.png Figure 2 — Revenue by source. The 2021 blue block is the British & Irish Lions series delivery; the 2025 blue block is the new in-house Test-hosting model (R402m). 2018–19 splits are estimated from the scanned statements and shown for shape only. https://media.assettype.com/biznews/2026-07-07/3pnx84lw/Screenshot-2026-07-07-at-15.35.51.png https://media.assettype.com/biznews/2026-07-07/4vxitpqq/Screenshot-2026-07-07-at-15.36.47.png Figure 3 — World Rugby grant income by year (audited Note 14). The R291m spike in 2023 is the Rugby World Cup cycle; it is the single biggest reason 2023 posted a profit rather than a loss. https://media.assettype.com/biznews/2026-07-07/7dxwpqjk/Screenshot-2026-07-07-at-15.37.41.png Figure 4 — The 2025 crossover. Broadcast is no longer the anchor; sponsorship is. Note the broadcast line actually falls in 2025 — an accounting-timing effect, not a lost deal. https://media.assettype.com/biznews/2026-07-07/lskqdici/Screenshot-2026-07-07-at-15.38.42.png Figure 5 — 2025 operating expenditure by department (audited Note 16). Match-day delivery (~R213m) sits inside the Operations line. Employee costs of R393m are spread across every department, not shown separately here. https://media.assettype.com/biznews/2026-07-07/1700kup9/Screenshot-2026-07-07-at-15.39.35.png Figure 6 — Accumulated funds (Group). The 2024 loss broke through zero; 2025 deepened the hole to –R84.4m. Pre-COVID years are on a different classification basis and excluded from the trend. https://media.assettype.com/biznews/2026-07-07/plwrilqp/Screenshot-2026-07-07-at-15.42.28.png Broadcast income is negotiated as an aggregate multi-year rights deal, not sold per match, so a single Test's cash P&L is essentially gate + hospitality + match-day commercial, less delivery cost. All line items other than the disclosed season aggregates are estimates. https://media.assettype.com/biznews/2026-07-07/18d9enj1/Screenshot-2026-07-07-at-15.43.50.png Figure 7 — Estimated gross revenue per Test. SA Tests at R100–120m are SARU's own public projection (ticketing, hospitality, premium); Baltimore is an estimate built on the “up to R100m more” guidance. All figures are pre-split and exclude the World Rugby staging fee. https://media.assettype.com/biznews/2026-07-07/f91zk7lb/Screenshot-2026-07-07-at-15.46.27.png Peer figures are latest published (FY2024 or FY2024/25), press-reported; currency and year-end differences mean ranges, not precision. Loss-band mapping to SARU's AGM deck (R913m / R588m–R181m / R126m): R913m ≈ RFU; R126m ≈ Scottish Rugby; the middle band spans FFR, RA, NZR, WRU, IRFU. biznews en 2026-07-07T14:21:55.733Z SA Rugby is technically insolvent – and still the healthiest bankrupt union in world rugby SA Rugby, South Africa, Rugby sponsorship revenue, Sports business, Rugby administration https://www.biznews.com/tech/dr-brand-the-real-ai-failure https://media.assettype.com/biznews/2026-07-07/6ftk7444/hf202607071329128fe27a9f-3e69-49ca-983b-5658f69dfd1b.png https://media.assettype.com/biznews/2026-07-07/a3kbdh99/unnamed.jpg Dr Brand biznews en 2026-07-07T13:31:44.083Z Dr Brand: The real AI failure? It's not the technology — It's the thinking Dr Brand, AI jobs, AI, automation, future of work, AI strategy, business growth, digital transformation, workplace AI, AI adoption, tech trends, leadership, innovation https://www.biznews.com/rational-perspective/rob-hersov-battle-soul-bishops https://media.assettype.com/biznews/2026-07-07/ps3cldlf/hf2026070712474848e8e839-183f-4038-8682-6697c001f1ef.png https://media.assettype.com/biznews/2026-07-07/jnylecbi/Screenshot-2026-07-07-at-12.01.10.png biznews en 2026-07-07T12:50:25.935Z Rob Hersov: The battle for the soul of a school called Bishops Rob Hersov, Bishops College, flag dispute, school debate, pride flag, institutional neutrality, education, South Africa, school policy, student voices, identity debate, Anglican schools, social issues https://www.biznews.com/the-daily-edge/biznews-edge-wsm-steenhuisens-news24-interview https://media.assettype.com/biznews/2026-07-07/wx7yqohe/2.png biznews en 2026-07-07T12:38:12.653Z BizNews Edge: WSM says Steenhuisen's News24 interview wasn't a confession — it was a ransom note BizNews Edge, John Steenhuisen, Tony Leon, South Africa, Political news https://www.biznews.com/rational-perspective/benfield-treasurys-procurement-overhaul https://media.assettype.com/biznews/2026-07-07/qbymymda/Untitled-design.png biznews en 2026-07-07T11:55:32.215Z Benfield: Treasury's procurement overhaul — More rules won't fix what's broken Dr Brian Benfield, Procurement Act, Treasury, SA economy, Public spending, State reform, Regulation, Corruption, Governance, State capacity, Infrastructure, Economic growth, Policy debate https://www.biznews.com/boardroom-talk/treasury-pull-plug-municipalities-joburg https://media.assettype.com/biznews/2026-07-07/xzs36ruw/450315549.jpg Enoch Godongwana, South Africa's Minister of Finance https://media.assettype.com/biznews/2026-07-07/qcdeh116/Screenshot-2026-07-07-at-09.28.27.png biznews en 2026-07-07T10:44:41.580Z Boardroom Talk: Behind Treasury's shock move to pull the plug on 69 Municipalities — Joburg Included Alec Hogg, Boardroom Talk, Treasury, Budget, Joburg, Johannesburg, Investing news https://www.biznews.com/sa-investing/shell-sells-forecourts-adnoc https://media.assettype.com/biznews/2026-07-07/hipbo442/460079742.jpg biznews en 2026-07-07T10:30:02.600Z Shell sells forecourts to Adnoc: Abu Dhabi money and 28% BEE deal seals $1bn deal Adnoc, Shell, South Africa, fuel, petrol, gas stations, oil, energy, M&A, retail, Abu Dhabi, acquisition https://www.biznews.com/global-investing/mega-mergers-should-worry-you https://media.assettype.com/biznews/2026-07-07/9kndiyim/20260711WBD002.jpg https://media.assettype.com/biznews/2026-07-07/waakplsi/20260711EPC418.png https://media.assettype.com/biznews/2026-07-07/bol4xjqw/20260711EPC436.png biznews en 2026-07-07T10:28:12.346Z The Economist: Mega mergers, big getting bigger — that should worry you AI boom, Mega deals, Tech mergers, Big tech, AI startups, VC funding, Corporate deals, Market trends, FDI growth, Data centers, Global investment, Business scale https://www.biznews.com/good-hope-project/part-1-homes-fault-line-americas-wealth-gap https://media.assettype.com/biznews/2026-07-07/xd44cd1g/Untitled-design-1.png https://media.assettype.com/biznews/2026-07-07/nkdstajx/urban-decay-bg01.jpg https://media.assettype.com/biznews/2026-07-07/c47lbej9/urban-decay-bg.jpg biznews en 2026-07-07T10:24:45.514Z Part 1: How homes became the fault line in America’s wealth gap US housing, racial inequality, housing crisis, Black wealth gap, housing policy, segregation, Fair Housing Act, predatory lending, wealth inequality, urban decay, US history, housing reform https://www.biznews.com/sponsored/jaltech-private-debt-fund https://media.assettype.com/biznews/2026-07-06/egdq4ogq/Untitled-design-33.jpg biznews en 2026-07-07T09:00:00.000Z Jaltech Private Debt Fund: What investors need to know before the July close South Africa, Retail investment, High yield investment, Private credit fund, Income investment fund, Jaltech https://www.biznews.com/biznews-daybreak/bn-daybreak-260707 https://media.assettype.com/biznews/2026-07-07/we0ghs76/emic-12.jpg biznews en 2026-07-07T06:47:40.112Z BN Daybreak: Iran hits tankers in Hormuz; O'Sullivan exposes recovery scam; $2 trillion arms race BizNews Daybreak, Iran, Strait of Hormuz, Samsung shares, NATO summit, defense spending, Herman Mashaba, Johannesburg finances, John Steenhuisen, Tony Leon, DA scandal, William Saunderson-Meyer, Paul O'Sullivan, Financial Conduct Authority scam, $2 trillion arms race https://www.biznews.com/wealth-advisors/investing-offshore-just-got-easier-heres-how https://media.assettype.com/biznews/2026-07-06/rrg7g66l/Untitled-design-32.jpg https://media.assettype.com/biznews/2026-07-06/skw4en3p/Untitled-design-31.jpg https://media.assettype.com/biznews/2026-07-06/8o17vxgy/Screenshot-2025-08-29-at-12.33.03.png biznews en 2026-07-06T14:35:46.503Z Investing offshore just got easier. Here’s how. Offshore investing, South Africa, Global diversification, International investing, Financial planning, Brenthurst Wealth https://www.biznews.com/interviews/herman-mashaba-curse-of-the-gnu https://media.assettype.com/biznews/2026-07-06/valegzwp/hf20260706140206e8c15ec1-7ffa-429f-8115-1ff8fc820b40.png biznews en 2026-07-06T14:35:32.416Z Herman Mashaba: The “curse” of the GNU - and the missing mayoral chain… Herman Mashaba, Johannesburg mayor, local elections 2026, Tshwane governance, ActionSA https://www.biznews.com/leadership/matisonn-mkhwanazis-whistle-blown-year https://media.assettype.com/biznews/2026-07-06/dabdwhxh/biznews2026-03-24y6fmd76lbiznews2025-10-16hebt4cloGVY5XcXcAAHDy3-1-850x584.avif General Nhlanhla Mkhwanazi biznews en 2026-07-06T12:06:36.501Z Matisonn: Mkhwanazi's whistle-blown year - SAPS rot exposed, but far from fixed John Matisonn, Mkhwanazi, police corruption, SA police, Madlanga Commission, state capture, crime syndicates, KZN police, political accountability, intelligence failure, Cat Matlala, Senzo Mchunu, law enforcement https://www.biznews.com/the-daily-edge/biznews-edge-chery-rosslyn-r40bn-subsidy https://media.assettype.com/biznews/2026-07-06/x6rzdgg3/1.png biznews en 2026-07-06T12:06:16.051Z BizNews Edge: Chery, Rosslyn, and the R40bn subsidy nobody wants to talk about BizNews Edge, Corne Mulder, John Steenhuisen, Tony Leon, South Africa, Political news https://www.biznews.com/rational-perspective/corrigan-sa-voters-choosing-charm-over-competence https://media.assettype.com/biznews/2026-07-06/fivs91y8/image.png biznews en 2026-07-06T11:23:40.406Z Corrigan: "Vibes Politics": Why SA voters keep choosing charm over competence Terence Corrigan, Helen Zille, DA, voter apathy, democracy, voting, ANC, Jacob Zuma, politics, governance, elections, South Africa, voters https://www.biznews.com/energy/eskoms-monopoly-crumbles https://media.assettype.com/biznews/2026-07-06/emq8o2c4/459681152.jpg Photovoltaic solar panels cover car parking spaces at a mall in Johannesburg, South Africa, on Aug. 18, 2023. https://media.assettype.com/biznews/2026-07-06/f5ykllqn/459593896.png https://media.assettype.com/biznews/2026-07-06/sr6zva51/459720629.jpg Power lines outside the Impala’s shaft 1 mine in Rustenburg, South Africa, on March 12, 2024. https://media.assettype.com/biznews/2026-07-06/pgd2my2y/457786204.png https://media.assettype.com/biznews/2026-07-06/d3robiwm/459593096.png https://media.assettype.com/biznews/2026-07-06/7fgkf01u/459681875.png https://media.assettype.com/biznews/2026-07-06/ggpktrih/459681311.jpg Solar panels on the roof of a house in Johannesburg, South Africa. biznews en 2026-07-06T10:45:16.738Z Eskom's monopoly crumbles, “death spiral” looms as SA business flocks to private power Eskom, renewables, solar, SApower, energy, grid, wheeling, tariffs, blackouts, privatesector, miningpower, reform https://www.biznews.com/sa-investing/black-south-africans-own-two-thirds-jse https://media.assettype.com/biznews/2026-07-06/9o0bwman/443524369.jpg The Johannesburg Stock Exchange (JSE) in Johannesburg, South Africa https://media.assettype.com/biznews/2026-07-06/8qak00kr/unnamed.png biznews en 2026-07-06T10:44:16.703Z Black South Africans own two-thirds of the JSE — the numbers race nationalists ignore JSE, South Africa, Black ownership, BEE, BBBEE, PIC, stocks, equity, investing, pensions, economy, markets https://www.biznews.com/global-investing/korean-tanker-king-cashes-hormuz-runs https://media.assettype.com/biznews/2026-07-06/pix892zq/459987641.jpg biznews en 2026-07-06T10:41:51.108Z Korean tanker king cashes in on Hormuz "dark fleet" runs — with a ship waiting off SA UAE oil, Hormuz, tanker trade, Sinokor, dark shipping, crude oil, oil war, shipping routes, oil exports, freight rates, MSC Group, energy markets https://www.biznews.com/sa-investing/vws-make-or-break-week-eastern-cape-operation https://media.assettype.com/biznews/2026-07-06/bt9de0r6/459937885.jpg Can Volkswagen finally drive change? https://media.assettype.com/biznews/2026-07-06/49k1mcnz/459926735.png https://media.assettype.com/biznews/2026-07-06/nchh3jzj/459821192.png https://media.assettype.com/biznews/2026-07-06/islpi88s/459915704.png biznews en 2026-07-06T10:41:09.438Z VW's make-or-break week — for the German parent and its Eastern Cape operation Volkswagen, VW crisis, auto industry, Germany cars, EV competition, China autos, Porsche SE, Piech family, car restructuring, factory closures, auto jobs, corporate governance https://www.biznews.com/biznews-daybreak/bn-daybreak-260706 https://media.assettype.com/biznews/2026-07-06/b5u59h08/emic-10.jpg biznews en 2026-07-06T03:52:21.668Z BN Daybreak: NATO Summit tension; AI stocks slump; Zuma’s Gupta meeting BizNews Daybreak, NATO Summit , AI Stocks , Jacob Zuma , Dina Pule , Kyiv Strike , Iran War , OPEC Oil , Alibaba Blacklist , Cyril Ramaphosa