Do Not Sell My Personal Information
RugbyPass Match Centre
Scores
Sorry there are no live games.
See what's coming up.
Springboks Green SRAGRE Gold SRAGOL Sat
3 Oct
5:00pm SAST
Bay of Plenty BAY Auckland AUC Fri
2 Oct
8:00am SAST
Counties COU Manawatu MAN Sat
3 Oct
3:00am SAST
Northland NOR Taranaki TAR Sat
3 Oct
5:15am SAST
Canterbury CAN Wellington WEL Sat
3 Oct
8:00am SAST
Southland SOU Waikato WAI Sun
4 Oct
3:00am SAST
North Harbour HAR Tasman TAS Sun
4 Oct
3:00am SAST
Otago OTA Hawke's Bay HAW Sun
4 Oct
5:15am SAST
Manawatu MAN Canterbury CAN Fri
9 Oct
8:00am SAST
North Harbour HAR Hawke's Bay HAW Sat
10 Oct
3:00am SAST
Taranaki TAR Auckland AUC Sat
10 Oct
3:00am SAST
Wellington WEL Otago OTA Sat
10 Oct
5:15am SAST
Waikato WAI Counties COU Sat
10 Oct
8:00am SAST
Tasman TAS Bay of Plenty BAY Sun
11 Oct
2:10am SAST
Northland NOR Southland SOU Sun
11 Oct
2:10am SAST
Hawke's Bay HAW Northland NOR Fri
16 Oct
8:00am SAST
Manawatu MAN Bay of Plenty BAY Sat
17 Oct
3:00am SAST
Wellington WEL North Harbour HAR Sat
17 Oct
3:00am SAST
Auckland AUC Tasman TAS Sat
17 Oct
5:15am SAST
Southland SOU Taranaki TAR Sat
17 Oct
8:00am SAST
Otago OTA Counties COU Sun
18 Oct
2:10am SAST
Canterbury CAN Waikato WAI Sun
18 Oct
2:10am SAST
Otago OTA Northland NOR Fri
23 Oct
8:00am SAST
Bay of Plenty BAY Canterbury CAN Sat
24 Oct
3:00am SAST
Hawke's Bay HAW Manawatu MAN Sat
24 Oct
5:15am SAST
North Harbour HAR Auckland AUC Sat
24 Oct
8:00am SAST
Tasman TAS Southland SOU Sun
25 Oct
3:00am SAST
Counties COU Wellington WEL Sun
25 Oct
3:00am SAST
Waikato WAI Taranaki TAR Sun
25 Oct
5:15am SAST
Canterbury CAN Otago OTA Fri
30 Oct
8:00am SAST
Wellington WEL Tasman TAS Sat
31 Oct
3:00am SAST
Northland NOR North Harbour HAR Sat
31 Oct
5:15am SAST
Auckland AUC Waikato WAI Sat
31 Oct
8:00am SAST
Manawatu MAN Southland SOU Sun
1 Nov
3:00am SAST
Bay of Plenty BAY Hawke's Bay HAW Sun
1 Nov
3:00am SAST
Taranaki TAR Counties COU Sun
1 Nov
5:15am SAST
Southland SOU Otago OTA Fri
6 Nov
8:00am SAST
Auckland AUC Northland NOR Sat
7 Nov
3:00am SAST
North Harbour HAR Counties COU Sat
7 Nov
5:15am SAST
Tasman TAS Canterbury CAN Sat
7 Nov
8:00am SAST
Hawke's Bay HAW Wellington WEL Sun
8 Nov
3:00am SAST
Waikato WAI Bay of Plenty BAY Sun
8 Nov
3:00am SAST
Manawatu MAN Taranaki TAR Sun
8 Nov
5:15am SAST
Counties COU Southland SOU Fri
13 Nov
8:00am SAST
Northland NOR Waikato WAI Sat
14 Nov
3:00am SAST
Otago OTA Tasman TAS Sat
14 Nov
5:15am SAST
Wellington WEL Manawatu MAN Sat
14 Nov
8:00am SAST
Bay of Plenty BAY North Harbour HAR Sun
15 Nov
3:00am SAST
Taranaki TAR Hawke's Bay HAW Sun
15 Nov
3:00am SAST
Canterbury CAN Auckland AUC Sun
15 Nov
5:15am SAST
Mon 3 Aug 2020 | 07:54

Financial mismanagement clips Falcons' wings

Financial mismanagement clips Falcons' wings
Mon 3 Aug 2020 | 07:54
Financial mismanagement clips Falcons' wings
SHARE

COVID-19 is being put forward as the official reason for the cash crunch and imminent liquidation of Valke Rugby (Pty) Ltd – the commercial arm of the Falcons Rugby Union.

ADVERTISEMENT

However, it has emerged that suspected ‘financial mismanagement’ and other irregularities within the company, (Pty) Ltd, is at the heart of the issue.

As reported by @rugby365com last Friday, the Valke company is not in a financial position to pay players their salaries for July.

It was also confirmed that the board of the company resolved to ‘voluntary’ liquidate the company.

In a media release issued at the weekend, the company said COVID-19 “claimed another victim”.

Competing as the Malaysia Valke, based in the Malaysian capital Kuala Lumpur, the team used the Rapid Rugby tournament – funded by Australian billionaire Andrew Forrest – as their main source of income.

Since the Perth-based venture was canned in April, there has been no income for the East Rand-based Falcons.

ADVERTISEMENT

“The owners of Global Rapid Rugby injected money into the company to pay the salaries of players,” the statement said.

However, in a letter to the trade unions Sports Employees Unite (company/union staff) and MyPlayers (players) Ettienne de Lange, the Chief Executive Officer of the union and a director of the company, revealed that other factors also played a critical role.

“It is by now common knowledge that the directors of Valke Rugby resolved on 4 June 2020 to place Jurie Coetzee on precautionary suspension in both his capacity as director and Chief Executive Officer of the company – pending the outcome of an investigation into suspected financial mismanagement and other irregularities within the Company,” the letter to the trade unions said.

De Lange then assumed ‘interim responsibility’ for the day to day management of the company, whilst Rudi Joubert continued to assume responsibility for the player affairs.

ADVERTISEMENT

De Lange made it clear he was not acting as Chief Executive Officer of the company, but is merely assisted with the day-to-day management of the company whilst Coetzee is suspended and the investigation ongoing.

“Investigations into the affairs of the company, following Coetzee’s suspension, revealed that the company is in serious financial distress, so much so that it is factually and commercially insolvent,” the letter to the trade unions read.

“On Tuesday, 28 July 2020, the board of the company resolved to voluntarily liquidate the Company.

“This matter is currently being attended to by the Company’s attorneys.”

(Continue below … )

Video Spacer

The Falcons Rugby Union was originally founded in 1947 and was previously known as the Eastern Transvaal Rugby Football Union.

The ETRFU merged with the Vaal Triangle Rugby Union to form the Gauteng Falcons Rugby Union in 1995.

In 2006 the Falcons won the Vodacom Cup domestic competition, the only honours in the history of the union.

Eastern Transvaal played against Transvaal in the 1972 Currie Cup Final – losing 19-25 at the Pam Brink Stadium, Springs.

According to the weekend statement, the Falcons Rugby Union is not experiencing financial problems and financial commitments to employees of the union are being honoured.

@king365ed
@rugby365com

Also worth reading …

‘Treasonous acts’ within WP Rugby
Salary shocker for SA Rugby
Another union goes belly-up
Greatest Company becomes Greatest Flop?
Politics ‘killing’ the Kings
Do the Kings have a Pro14 ‘guarantee’?

Falcons statement

Falcons statement

 

PV: 1437
ADVERTISEMENT
Financial mismanagement clips Falcons' wings - south africa | Rugby365