SA Rugbymag

South African rugby news, fixtures, results, video, interviews, and more. Covering the Springboks, Bulls, Stormers/Western Province, Sharks, Cheetahs, Kings and Lions, as well as schools and club rugby.

Primary Menu Search
  • Home
  • Match Centre
  • British & Irish Lions
  • Videos
  • Supabets
  • Cars
    • Motoring News
    • Used Cars For Sale
    • New Cars For Sale
    • Demo Cars For Sale
  • Daddy’s Deals

You are here: Home ∼ WP agree on Newlands development deal

WP agree on Newlands development deal

The Stormers train at Newlands The Stormers train as SA Rugby looks to restart
Published on July 1, 2020

Western Province Rugby have accelerated plans to move to Cape Town Stadium after agreeing to a new development deal for Newlands.

This comes after a special general council meeting on Tuesday, where the Western Province clubs voted in majority to approve Flyt Property as a development partner for Newlands Stadium.

The deal was agreed on a 50-50 basis which would also have Flyt develop Brookside in Claremont.

Plans are to have both Newlands and Brookside developed into residential and office apartments.

FROM THE MAG: Farewell to Newlands

‘Importantly, unlike previous loan and redevelopment arrangements, the WPRFU will have a 50 per cent share in all economic benefits derived from the future development of the site,’ WP president Zelt Marais said in a statement.

‘The previous development agreement with Investec lapsed on 1 June 2020 due to suspensive conditions not being met.

‘Unlike the previous agreement, this new agreement with Flyt Property Group will give the WPRFU a meaningful and equal stake in the proposed development.

‘It is, therefore, a much better deal for the WPRFU and the future of rugby in the province, which the body of voters clearly recognise.

‘It is envisaged that this will bring in an additional R23 million into the city’s coffers per annum, for the benefit of all Cape Town residents.’

Further, WPRFU have also received a loan of R112m from Dream World Investments – a company of the Flyt Group – which will allow them to repay their debts to both Remgro and Investec.

‘Bank guarantees [for the loan repayments] have already been obtained, subject to the ratification of the agreement by a Special General Meeting of the WPRFU on Wednesday, 8 July 2020.

‘This agreement will allow the union to unlock the value in its properties, so it can invest in the long-term development of clubs and players in the province. This bodes well for the sustainability of Western Province rugby going forward.’

FROM THE MAG: Fond farewell to a ‘holy ground’

Marais added that the agreement would allow WP to accelerate their plans to host their rugby at Cape Town Stadium.

‘Rugby fans will soon be able to enjoy world-class facilities including a better viewing experience, top-notch safety and security measures and modern corporate hospitality suites at the Cape Town Stadium.

‘Of course, Newlands will always have its place in the history of the sport, and we will certainly pay tribute to our Newlands rugby heritage at our new home in the heart of Cape Town.’

Photo: Grant Pitcher/Gallo Images

Posted in Currie Cup, Stormers, Super Rugby, Top headlines Tagged Cape Town Stadium, Newlands, Western Province, Zelt Marais

Post by SA Rugby magazine

SA Rugby magazine

MPU #1 - (DESKTOP SIZE 300x250 / MOBILE SIZE 320x50, 300x250, 320x100)
← Previous Next →

Ratings: Du Toit one of the few standouts for Boks

The Boks faded in the second half to slump to a 22-17...

Five key areas the Boks need to dominate for first victory

SA Rugby magazine highlights five crucial areas the Boks will need to...

Duhan should be celebrated for his Lions success

Duhan van der Merwe’s achievements should be truly appreciated by South Africans,...

JdV: Boks-Lions have everything to play for

Performing in empty stadiums will be a key factor in the series...

Dynamic Dayimani: Forward to back

While he has been signed as an ‘edge’ forward, Hacjivah Dayimani could...

Boks have muscle memory to rely on

Rassie Erasmus and Jacques Nienaber are experts at finding solutions to tricky...

Top six: Best and worst foreign imports

SARugbymag.co.za identifies six of the best and worst foreign players to play...

Column: When context is needed

As highlighted by the Argentina controversy, ‘cancel culture’ needs a spoonful of...

Dark cloud hangs over WP Rugby

The problems at Western Province Rugby are layered, and everyone involved needs...

From the mag: Foreign Favourites

As Vodacom Super Rugby turned 25 this year, JON CARDINELLI picks an...

Bulls rookies to watch

After a massive exodus of players the Vodacom Bulls will be eager...

Analysis: The new suffocate-and-strangle game

For the Boks to emerge as World Cup winners, they need to...

VIEW MORE
  • Team graphics: Springboks vs B&I Lions
  • Boks vs Lions (1st Test): Predict and WIN!
  • Lions team announcement: Duhan to front Boks
  • Teams: SA A vs Bulls
Boks

Why the Boks should be bullish

There is good reason for the Springboks to enter the British & Irish Lions series with confidence, writes MARK KEOHANE in the latest SA Rugby magazine.

  • Watch: Did Gatland’s words influence Jonker?


COVID-19 Corona Virus
South African Resource Portal

ABOUT

  • Contact us
  • Competitions
  • Videos
  • Player Features
  • Subscribe
  • Terms and conditions
  • Privacy Policy

TOURNAMENTS

    • Rugby Championship
    • Super Rugby
    • Currie Cup
    • Varsity Cup
    • Gold Cup
    • Schools
    • Six Nations
    • Champions Cup
    • World Cup

OPINION

  • Mallett on SuperSport
  • Cardinelli column
  • Lewis column
  • Xabanisa column
  • Borchardt column
  • Superbru

Primary Menu

  • Home
  • Match Centre
  • British & Irish Lions
  • Videos
  • Supabets
  • Cars
    • Motoring News
    • Used Cars For Sale
    • New Cars For Sale
    • Demo Cars For Sale
  • Daddy’s Deals
×