Newlands up for auction?

Today at 10:53 AM

NEWS: The Western Province Rugby Football Union (WPRFU) will be hoping they can finalise the sale of Newlands Stadium to settle their debts.

WPRU owes Dreamworld Investments ZAR250 million after initially borrowing ZAR112 million under Zelt Marais' presidency to settle debts with Remgro and Investec.

The WPRFU's real estate was offered as security for this.

On Tuesday, it was reported that Dreamworld has called up the bonds, which means that property could be sold at auction to the highest bidder

However, Peter Jooste, the administrator of the Western Province Rugby Football Union, said the union is hoping to finalise the sale of Newlands Stadium and they are currently working with Dreamworld to "resolve the situation"

"Since I was appointed Administrator, we have worked diligently to prevent the foreclosure of Dreamworld," Jooste said in a statement.

"The Western Province Rugby Football Union [WPRFU] has secured a buyer who has completed their due diligence, and we are currently finalising the legal and contractual aspects of the proposed transaction.

"Throughout this process, Dreamworld's representative has been kept informed of our negotiations with the prospective buyer and has received regular updates on our progress.

"Additionally, their representative has met with the prospective buyer and is fully aware of the offer under consideration.

"I want to emphasize that WPRFU remains fully committed to working with Dreamworld to resolve this situation.

"We are close to finalising this agreement, and it would be a significant setback if we are unable to complete this deal."