WP Rugby struggling to pay off debt
Cape Town - The WP Rugby Union is reportedly struggling to pay back its debt to investment company Remgro
Afrikaans newspaper Rapport indicated on Sunday that WP Rugby's debt to Remgro has grown from R40 million to almost R53 million after the union failed to make interest payments.
The report added that the WP Rugby Union has not paid interest on the loan for some time and that interest over the next three years could push the loan amount up to R83 million.
Adding to the union's financial woes is lower than expected supporter numbers for the Stormers' Super Rugby home matches, the ongoing battle between the professional and amateur arms of the union, as well as the fact that 28 owners of corporate boxes had given up their contracts.
Remgro, an investment holding company based in Stellenbosch, bailed out WP Rugby with a personal loan at the end of 2016 when the union faced bankruptcy.