One of the world's most iconic rugby stadia is officially for sale
One of the world’s most iconic rugby grounds is official for sale. The Western Province Rugby Football Union (WPRFU) announced on Thursday that the Newlands Rugby Stadium is to be placed on the market in a sealed bidding process.
First opened in 1888, the 51,000 seater stadium has been a favourite for Capetonian rugby fans for over a century, before being retired from Test use in recent years.
According to an SA Rugby statement: “The administrator appointed by SA Rugby to regularise the affairs of the Union has retained an external consultancy to ensure the process is transparent and judged entirely on commercial merits.
“Entities wishing to pursue an interest in bidding may request details of the property and the terms and conditions of the bidding process from Galetti (Pty) Limited.”
It’s apparently the best way for the stadium – which featured a number of Rugby World Cup matches in 1995 – to be sold.
“This is the cleanest, fairest and most transparent method by which to hopefully secure the sale of Newlands to assist in the long-term sustainability of the Union,” said an SA Rugby spokesperson.
“We are now in a position where we can proceed to a sale, having taken some time to understand and untangle the various sale conversations that had taken place.”
The spokesperson said that the sealed bid process was the most transparent method to ensure the best possible outcome for WPRFU and the prospective purchaser. The process allows parties to submit several bids offering different structures along a set of guidelines issued by the seller.
It also prevents any opportunity for the buying party to influence the seller; information is shared simultaneously with all parties and is coordinated externally to ensure the best outcome.
The deadline for submission of non-binding offers is 15 April 2022 with submission of final binding offers on 31 May 2022. It is hoped that a sale can be concluded by 7 June 2022.
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