A match being played at Newlands rugby stadium. Picture: Gallo Images
The Western Province Rugby Football Union (WPRFU) announced on Thursday that the Newlands Rugby Stadium was to be placed on the market in a sealed bidding process.
The administrator appointed by SA Rugby to regularise the affairs of the union had retained an external consultancy in an attempt to ensure the process was transparent and judged entirely on commercial merits.
“This is 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,” said an SA Rugby spokesperson.
“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.”
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The sealed bid process, according to SA Rugby, would allow parties to submit several bids offering different structures along a set of guidelines issued by the seller.
It also prevented any opportunity for the buying party to influence the seller, as information would be shared simultaneously with all parties and was coordinated externally to ensure the best outcome.
The deadline for submission of non-binding offers was 15 April, with submission of final binding offers on 31 May.
“It is hoped that a sale can be concluded by 7 June 2022,” SA Rugby said.