The Western Province Rugby Football Union (WPRFU) announced on Thursday that the Newlands Rugby Stadium will be put on the market in a closed bidding process.
The administrator appointed by SA Rugby to manage the union’s affairs had engaged an outside consultancy to try and make the process transparent and fully assess it on commercial merits.
“This is the cleanest, fairest and most transparent method of hopefully securing the sale of Newlands and helping the long-term survival of the union,” said a SA Rugby spokesman.
“We are now in a position to proceed with a sale, after taking some time to understand and untangle the various sales conversations that have taken place.”
According to SA Rugby, the sealed bidding process would allow parties to submit different bids with different structures according to 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 coordinated externally to ensure the best outcome.
The deadline for submitting non-binding offers was April 15, with submission of final binding offers on May 31.
“It is hoped that a sale can be completed by June 7, 2022,” SA Rugby said.