Western Province Rugby Football Union president Thelo Wakefield has denied reports that Newlands Stadium was put up as ‘security’ for the union’s outstanding debts in the region of R44-million.
The WPRFU failed to repay the loan, owed to Remgro Sport Investments, and was forced to register a mortgage bond on one of its prime properties, believed to be Newlands.
But Wakefield insists they did not use the second oldest rugby stadium in the world as security, although he didn’t reveal which other prime property was used.
‘Newlands is worth several hundred million. It wouldn’t have been a good business decision to use it as bond mortgage for the loan,’ he told Rapport newspaper.
Wakefield added that while Remgro has not set a new deadline when payment of the loan is expected, it is in the best interest of the union that it be done as soon as possible.
‘As far as I know, no deadline has been given through by Remgro. But we can’t keep on delaying, it’s not a healthy situation for WP.’