Johannesburg - The Golden Lions Rugby Union (GLRU) has denied media reports that the union is facing liquidation.

The union is upset after several recent articles referred to the Lions as "cash-strapped".

Rumours on various social media platforms have also implied that the GLRU's former equity partners, the Guma TAC Group, might initiate steps to have the Currie Cup champions liquidated.

“We have a new equity partner in Altmann Allers and I can state categorically there won't be any liquidation,” GLRU president Kevin de Klerk told the Lions' website on Tuesday from Rustenburg, where he was at the Lions' three-day training camp. Allers is owner of Glasfit and also the GLRU deputy president.

De Klerk added that the Guma Group did advance money to the GLRU during their equity relationship with the Lions, and that the GLRU lawyers and those of Gumede are currently in the process to determine what the Gumede claim entails.

Any consideration by the Guma Group to apply for liquidation will have to be tested against the GLRU’s debts exceeding their assets. “I can categorically say that this is not the case. The GLRU is definitely not bankrupt and there is no prospect of liquidation," said De Klerk said.