The long-running saga around the sale of Newlands Rugby Stadium has taken another turn, but a final outcome still appears some way off.
According to Rugby365, there are now new offers on the table for Newlands, but all of them come with conditions and none have been finalised. Importantly, the legal process to sell the Western Province Rugby Football Union’s properties at auction will continue and has not been halted by these latest bids.
That process was triggered in March last year, when Dream World Investments called up the bonds it holds over all WPRFU properties. These include Newlands, Millhouse, Brookside and Oranjezicht. The litigation continues.
Newlands rugby stadium in Cape Town. pic.twitter.com/YLxa3RnpaN
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The roots of the issue stretch back to 2020, when the WPRFU entered into a partnership with the Flyt Property Group. That deal allowed the union to secure a R112-million loan from Dream World Investments. The money was used to settle existing debts to Remgro (R58-million) and Investec (R50-million).
At one stage, Newlands was reportedly valued at R500-million. But as governance disputes dragged on and further complications emerged, Saru-appointed administrators – three of them between October 2021 and March 2025 – struggled to attract a willing buyer.
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The WPRFU was placed under administration in October 2021 but regained control in March last year, shortly after Dream World confirmed it had called up the bonds. The lifting of administration allowed the union to hold elections and regain its full voting rights.
Saru’s decision to end administration followed the union achieving a measure of financial stability, including a private equity investment into its commercial arm. However, Saru left responsibility for the sale of Newlands with the newly elected WPRFU leadership.
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