CONFIRMED: Bulls boss Wessels quits

Wessels handed in his resignation after a section within the union tabled a motion of no confidence in him, citing his 'reckless behaviour' outside his mandate which 'ruined' the union financially.

Wessels has been making the headlines since last week when media reports made it public that the president "allegedly made several unauthorised loan transfers from the union’s funds to the BBC, but the payments appear to be in arrears,"

It was also reported that Blue Bulls Company is close to being declared bankrupt and is surviving on more loans and favours.

Despite his decision, Wessels maintained his innocence and has told media that the union – as an equal shareholder – has a responsibility to finance the company pro rata.

"I decided to step down, but to single me out as the scapegoat is unfair and vindictive. As soon as the shareholders' agreement was signed in 1998 – long before I took office as president – it became the union's responsibility to finance the company," Wessels told Netwerk24.com.

"For as long as the union has a 50 percent share in the company, its management has to look after the company's best interests. The allegation that the union is facing bankruptcy is a cheap media sensation. Like all other unions, the BBRU is under financial strain, but it still has a healthy bank balance,"

The Blue Bulls Rugby confirmed the news of Wessels' resignation via statement:

"The Blue Bulls Company would like to confirm that President of the Blue Bulls Rugby Union and Chairman of the BBC board, Gert Wessels, has tendered his resignation and has officially stepped down from his post.

"We would like to sincerely thank him for his efforts during his term, and would also like to wish him all of the best with his future endeavours,"

Additional source: Netwerk24com