The administrator appointed by SA Rugby to straighten out the affairs of the Western Province Rugby Football Union (WPRFU) has hired an outside firm to ensure that the bidding process for Newlands is transparent and based only on financial considerations.
There is now no rugby being played at the arena, as both Western Province and the Stormers have relocated to the Cape Town Stadium, which was built to host matches during the 2010 FIFA World Cup.
The stadium precinct was expected to be refurbished, but “entities desiring to pursue an interest in bidding may request specifics of the property and the terms and circumstances of the bidding procedure from Galetti (Pty) Limited,” according to the announcement.
“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.”
Recent images have shown the once-iconic Newlands stadium to now be in a sorry state of disrepair
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.
World News
TDPel Media
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