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WP Rugby: Remgro poised for key grip

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Western Province (Gallo Images)
Western Province (Gallo Images)

Cape Town – Crisis-plagued Western Province Rugby intend mortgaging certain properties they own around the city as security for amounts owed to shareholders Remgro after intended final liquidation of professional arm WP Rugby (Pty) Ltd next week, Sport24 has reliably learnt.

This is one planned course of action by the cash-strapped, Newlands-based organisation in a new business model as they battle for financial stability.

But it has also been established that Remgro, the Stellenbosch-based investment holding company chaired by billionaire tycoon Johann Rupert, would extend its current 24.9 percent stake in WP Rugby to 49 percent under the new professional business structure expected to take shape if liquidation is successfully finalised.

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