WP Rugby's Newlands development deal in jeopardy as Marais stalls on paperwork
The Western Province Rugby Football Union (WPRFU) had accepted an R110-million development deal with Investec to redevelop Newlands Rugby Stadium last year.
The deal would see the demolition of the iconic stadium and the construction of residential and retail properties.
However, the union's deal with the asset management company is apparently on the line.
Daily Maverick's sports editor Craig Ray explains that Investec has already given the rugby union a R50 million advance as part of the deal.
Ray has written an in-depth report on the stalled negotiations on the Daily Maverick website.
He says there's no clear answer as to why WPRFU president Zelt Marais has refused to sign on the dotted line at the eleventh hour.
There no real reason that's being given, it makes no sense at all.Craig Ray, Sports Editor - Daily Maverick
There's only speculation... The people I'm speaking to... can only assume that he might have another buyer on the horizon, but even that is fraught with problems.Craig Ray, Sports Editor - Daily Maverick
If Western Western Province Rugby Football Union doesn't come to the party and sign this, there will be a legal battle, I'm almost sure of that.Craig Ray, Sports Editor - Daily Maverick
Investec has invested a lot of time and effort in getting this deal done... they are not about to let it go at this final stage. There's a lot on the line here.Craig Ray, Sports Editor - Daily Maverick
Mr Marais has put Western Province in a very precarious position... this could end very messily.Craig Ray, Sports Editor - Daily Maverick
Listen to the latest developments on Afternoon Drive with John Maytham:
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