Rugby

Lions and Guma Tac settle

2012-05-03 11:42
Robert Gumede (Gallo)

Johannesburg - A former potential equity partner of the Golden Lions Rugby Union (GLRU) has reportedly reached an out-of-court settlement with the provincial rugby body.

Acting GLRU CEO Ruben Moggee told The Times on Thursday that the Guma Tac Group had withdrawn an application to liquidate the union.

Moggee told the newspaper he could not comment on the settlement amount.

"Unfortunately, because it was an out-of-court settlement, I cannot divulge what that figure was. Both parties have to agree before that kind of information is made public."

Guma Tac filed papers in the High Court in Johannesburg in January to the effect that the GLRU was "hopelessly insolvent, both factually and commercially".

Jointly-owned by Robert Gumede and Ivor Ichikowitz, Guma Tac cut ties with the GLRU in June 2011, shortly before it was to have purchased a 49.9 percent stake in the union.

The former potential equity partners claimed in the court papers that the GLRU owed Guma Tac in excess of R8 million and Ichikowitz more than R2m.

GLRU president Kevin de Klerk said in January the court papers were "filled with many half truths" and said the union had not been unwilling to pay back any money.

He also denied claims of bankruptcy, after the union allegedly struggled to pay players' salaries.

Read more on:    lions  |  rugby
NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
8 comments
Add your comment
Comment 0 characters remaining
Live Video Streaming
  • Blitz
    Mon, 24 Nov 2014 @00:00
  • SS1
    Mon, 24 Nov 2014 @01:00
  • SS2
    Mon, 24 Nov 2014 @02:00
  • SS3
    Mon, 24 Nov 2014 @03:00
Video Highlights
Sport Talk

 
 
/Sport
Men
Women
Love 2 Meet
Featured

Got something you'd like to get off your chest? Got a burning desire to air an opinion? If so, be sure to sign-up on Sport24's FORUM!

Latest blogs
Vote

Super Rugby is a thing of the past. Next up: The Rugby Championship. Who will emerge victorious this season?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.