22 Nov 2020
WP Rugby will have to cover at least 30% of the cost of the 168 private suites being built at Cape Town Stadium.
Last week, WP Rugby started marketing the suites at what will soon be their new home.
'As part of the agreement with WP, the city agreed to build the suites,' Cape Town deputy mayor Ian Neilson told Rapport newspaper. 'The contract, to the value of R250-million, is underway. The suites must be completed by early 2021.'
WP Rugby will have to repay the city at least R75-million of this amount, with interest, over a 25-year period.
Meanwhile, negotiations between WP Rugby and potential investors MVM Holdings have stalled again.
According to Rapport, MVM's Marco Masotti left South Africa on Saturday and returned to New York.
A controlling share is a non-negotiable aspect of the $6-million (R92-million) investment, but Rapport understands that WP Rugby still refuses to agree to it.
Informed sources say there is only a '10 to 15%' chance that the investment will be implemented.