WP threatened with Newlands auction

03/05/2025 01:51 AM

Newlands Stadium could be sold at auction despite the Western Province Rugby Football Union having secured a buyer.

The WPRFU offered its real estate, including the former home of the WP and Stormers, as security for the R250-million it owes Dreamworld Investments.

That includes the R112-million the union borrowed, under then president Zelt Marais, to settle debts with Remgro and Investec.

According to Rugby365, Dreamworld has called up the bonds, which means property could be sold at auction to the highest bidder.

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However, Peter Jooste, administrator of the WPRFU, said in a statement that they were still hoping to sell the stadium to a prospective buyer.

"Since I was appointed administrator, we have worked diligently to prevent the foreclosure of Dreamworld.

"The Western Province Rugby Football Union 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 the 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."

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