Rugby

EP Kings confirm provisional liquidation order

2016-03-10 18:56
EP Kings (File)

Port Elizabeth - The Eastern Province Rugby Union on Thursday confirmed that a provisional liquidation order has been granted by Judge Eksteen in the Port Elizabeth High Court.

The provisional court order means EP Rugby Pty Ltd has until May 10 to address the current financial challenges being faced.

“It is important to note that the provisional liquidation does not impact on the day to day operations of the Pty Ltd in any way. This means that EP Rugby Pty Ltd will continue with our preparations for the upcoming Currie Cup tournament that begins on the 8th of April this year,” the union commented via a press statement.

“Further, it should be noted that the EP Rugby Union executive have been given a mandate by the clubs during the Special General Meeting on the 25th of February to seek business rescue in order to stabilise the financial circumstances of the union.

“We are currently engaging with our legal advisors as well as with SA Rugby, government and other stakeholder on this matter.”

The EP Rugby Union was plunged into a financial crisis last year, with the union unable to pay players’ salaries.

President Cheeky Watson had promised a R200m sponsorship for the Kings but this failed to materialise, with players forced to accept food vouchers following the non-payment of salaries.

It led to SARU stepping in to take control of the union’s Super Rugby franchise, the Southern Kings.

 

Read more on:    ep kings  |  currie cup  |  super rugby  |  port elizabeth  |  rugby
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