It seems that there is light at the end off a very dark tunnel for Western Province Rugby Union with the ongoing saga of Newlands Stadium.
Wynona Louw from IOL reported that Dream World Investments, a company within the Flyt Property Investment Group has come in to save the union.
It has been reported that Dream World Investments have agreed to an advance off R122 million to Western Province Rugby Union to pay off their debt to Investec and Remgro, which was confirmed by WPRFU president Zelt Marais.
With the deal with Investec that fell through because of “suspensive conditions not being met timeously”, the deal with Dream World Investments comes at a crucial time for the union.
WPRFU will see the union getting an advance at prime lending rate for a term of four years which enable them to consolidate their debt.
WPRFU and Dream World Investment will have a 50-50 partnership in a new cmpany – Nelands DevCo. The new company will obtain building plan approval for the development of Newlands.
With WPRFU 50% share from the future development of the site, it will ensure a sustainable future of Western Province rugby.
Read the full story HERE