Lions, GUMA deal terminated

The shareholders agreement between the Lions and GUMA Tac has been terminated.

The website, wetalkrugby, confirmed via a press release by the Lions Rugby Union that the deal between the union and Guma has been terminated.

The Golden Lions Rugby Union today wishes to confirm that negotiations around the completion of the shareholders agreement with GUMA TAC has been terminated by GUMA TAC.

It is with deep regret that the Lions received this notification today as we as the Golden Lions Rugby Union saw the arrangement as a wonderful opportunity to embrace the new future for the Golden Lions in a vibrant new partnership.

“We have worked very long and very hard at the Union to deliver a workable final shareholders agreement” said Mr. de Klerk.  We were prepared to keep working on that process, but unfortunately the agreement could be concluded.

This is a sad day in many ways, but our first concern has always been for the well being and integrity of rugby in the Golden Lions region, and until all our concerns were settled the Union felt it difficult to proceed.

Mr. de Klerk said that he could not go into commercial details but explained that the Lions leadership focus had to be on ensuring the health of rugby at all levels in the Union – not just with the marquee elements of the Lions team and playing venue.

“Producing a trophy-winning MTN Lions team remains our top priority, but there’s always a danger that you can throw the baby out with the bathwater, and our duty as a Union is to promote and develop rugby at all levels in the Golden Lions region” said Mr. de Klerk.

Mr. de Klerk stressed that the dissolving of the arrangement would not have a negative impact on the team’s preparations for the ABSA Currie Cup and that the decision would free the Union from the negotiating table to concentrate on their core responsibilities.

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23 Comments on Lions, GUMA deal terminated

  1. Ouch, this isn’t good news. I was beginning to enjoy watching the Lions play. Will they now be able to hold onto the services of coach Mitchell and Carlos?

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  2. The Kings will be stoked… with a resurgent Cheetah’s and a BEE backed Lions their future fast-tracking into Super Rugby was not looking to flash…

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  3. Now if this was France, the Lions would probably be kicked out of top level rugby to play in the Currie Cup second division for being R80-mil out of pocket.

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  4. Reply to DavidS the sort of hopeful Lion @ 7:15 pm:

    Ivor Ichikowitz… as Spiv as they get…

    “Ivor Ichikowitz, the arms and oil broker who laid on his company jet to ferry Nelson Mandela to a Jacob Zuma election rally in Transkei, has made a career from turning political connections into profit… Ichikowitz (42) made a fortune selling surplus South African armoured vehicles into Africa and the Middle East, and seems to have manoeuvred his way into Zuma’s inner circle … Ichikowitz, who also represents controversial commodities trader Glencore, partnered Majali in his 2001 bid to supply Iraqi crude to South Africa under the controversial oil-for-food programme allowing limited trade with Saddam’s Iraq … In 2005 the M&G revealed Majali, with official ANC backing, intended setting up an oil trading operation intended to benefit the ANC and Saddam’s Ba’ath party … Ichikowitz’s other main business: selling reconditioned surplus South African military equipment into Africa and the Middle East.”

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  5. Blood Diamond Wars, Genocide wars, Libya you name it… and then research Glencore’s history and Majali and other influential cabinet ministers right up to the President himself!

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  6. Reply to bryce_shark_in_oz @ 3:51 am:

    The Arms deal is a like a cancer in SA. It is a pity no one could expose the nascent corruption of the new goverment as it might have prevented a lot of what happens now.

    I suppose that selling all SA surplus military gear is not that much of a problem…..I hear that the SANDF doesn’t have very many able bodies (and minds) to operate the stuff. :whistling:

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  7. Reply to mawm-all sharked out @ 7:45 am:

    The ‘investigation’ into the ‘oil-for-food’ program created by Ivor and Majali between Hussein’s Baath party and the ANC was subsequently quashed in it’s tracks… did the Lions really want to be involved with guys like this?

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  8. Reply to DavidS the sort of hopeful Lion @ 12:39 pm:

    Make no mistake, the Kiwi’s, fans and media, will denigrate SA whenever they can. I cringe whenever I hear a Bok say that playing the AB’s is the pinnacle of their career, a life-long dream, etc. They are still carrying on about only loosing in SA before isolation because the SA refs cheated.
    :Boertjie GOM:

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  9. Well this doesn’t bode well. If this is true Lions are fucked

    ohannesburg – The Golden Lions Rugby Union (GLRU) is totally bankrupt according to a document sent to GLRU president Kevin de Klerk by the GumaTAC Group.

    Debt of several millions of rands, including a loan of R30-million with ABSA that the GLRU has to pay back by Sunday, a claim of having to pay back around R14-million and the inability to pay salaries, are mentioned in the document.

    The document is part of the explanation by Robert Gumede and Ivor Ichikowitz of the Guma Group about why they have ended their partnership with the GLRU.

    http://www.sport24.co.za/Rugby/Former-partner-Lions-bankrupt-20110630

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