The Newlands Rugby Stadium, which was once one of several highlights in the Mother City, is set to go on sale after the Western Province Rugby Football Union (WPRFU) confirmed on Thursday, 17 February that the iconic venue was to be placed on the market in a sealed bidding process.
According to SA Rugby Mag, the administrator appointed by South African Rugby to regularise the affairs of the union has retained an external consultancy to ensure the process is transparent and judged entirely on commercial merits.
However, entities wishing to pursue an interest in bidding may request details of the property and the terms and conditions of the bidding process from Galetti (Pty) Limited.
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A spokesperson for SA Rugby said this will be the cleanest, fairest and most transparent method by which to hopefully secure the sale of Newlands to assist in the long-term sustainability of the union.
“We are now in a position where we can proceed to a sale, having taken some time to understand and untangle the various sale conversations that had taken place,” the spokesperson said.
The spokesperson further mentioned that the sealed bid process was the most transparent method to ensure the best possible outcome for WPRFU and the prospective purchaser. The process will allow parties to submit several bids offering different structures along with a set of guidelines issued by the seller.
It also prevents any opportunity for the buying party to influence the seller; information is shared simultaneously with all parties and is coordinated externally to ensure the best outcome.
Meanwhile, the deadline for submission of non-binding offers is 15 April, with the submission of final binding offers on 31 May. It is hoped that a sale can be concluded by 7 June.