Newlands put up by Western Province Rugby Football Union as “security” for outstanding debt

While the Western Province Rugby Football Union (WPRFU) is yet to give a clear indication whether there will be any further rugby hosted at Newlands beyond the current season, reports suggest that the famous Test venue has been put up as security for the union’s hefty debt.

The cash-strapped WPRFU are reportedly plotting a departure from their long-time base to Cape Town Stadium, following a letter of demand sent by Stellenbosch-based investment company, Remgro which had loaned the union an amount of R44 million.

According to Rugby365, the union has registered a mortgage bond after they were given a deadline to repay the loan by Friday, 6 July.

This was confirmed to the publication by Remgro chief executive, Jannie Durand:

“I can confirm that they [WPRU] did indeed provide the security to Remgro, as required by the agreement.”


Free signup to our Expat Matchjust click ExpatMatch.com now !!


WPRFU had fallen on the brink of bankruptcy in 2016 after getting on the wrong side of a multi-million rand lawsuit brought by publishing agency, Aerios and, with liquidation looming, the union was forced to take up a loan with Remgro.

Will there be more rugby at Newlands?
Saturday saw the Stormers host the Sharks in what could the last Super Rugby fixture at Newlands, where the home side triumphed 27-16.

As far as international rugby is concerned, all indications are that the dead-rubber encounter between the Springboks and England last month was the last sighting of the green and gold at the iconic venue.

However, the Mother City as a whole will have to wait until 2020 for the Springboks to roll in, as there is no international rugby scheduled for the city next year, as the home fixture list has been shortened, thanks to the Rugby World Cup that’s to be held in Japan.

WPRFU are yet to make an official announcement on whether the union will indeed be relocating to another venue.


Free signup to our Expat Matchjust click ExpatMatch.com now !!


Enjoyed this post? Share it!

 

Leave a comment

Your email address will not be published. Required fields are marked *