Western Province Rugby Football Union (WPRFU) have dispelled rumours circulating on social media that Newlands has been sold – report Rugby365.
Former Stormers captain Corné Krige tweeted on Friday that there has been speculated that the stadium had been sold for ZAR100-million (£5.7m).
— CorneKrige (@CorneKrige6) August 3, 2018
However, WPRFU President, Thelo Wakefield, made it clear that any suggestion that Newlands has been sold is false.
“WPRFU has not sold Newlands for the rumoured amount, or for that matter any of the Union’s properties.
“The previously stated position with respect to properties owned by the Union remains unchanged,” Wakefield said.
Rugby365com reported that Newlands has been put up as ‘security’ for outstanding debts owe to investment holding company Remgro.
In July, Remgro confirmed to rugby365 that the Western Province Rugby Union has registered a mortgage bond – in favour of the Stellenbosch-based company – as security for an outstanding loan worth more than ZAR40-million.
It was believed properties owned by WPRU that could raise a bond of more than ZAR40-million include the Brookside complex in Claremont or the rugby complex at Montreal Road, Oranjezicht, in the high-demand residential City Bowl area.
However, insiders have revealed that Newlands was put up as security – which did not sit well with WPRU officials.
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