A multi-million rand cash injection could save the Eastern Province Rugby Union from final liquidation.
The EPRU and its professional arm, EP Rugby (Pty) Ltd, were placed under provisional liquidation back in March, and given until 10 May to settle the outstanding debts or face the prospect of the order becoming final. However, on Tuesday, court proceedings were postponed to 31 May in order for a business rescue application to be prepared.
According to The Herald, an R80-million cash injection promised to the EPRU by a mystery investor has potentially provided the cash-strapped union with a much-needed lifeline, but it will be subject to the implementation of the business rescue plan.
It's believed R20-million has already been secured and is being held in the trust account of EPRU's attorney, with the remainder of the cash injection potentially set to paid out over the remainder of the Super Rugby season.