Wakefield: No need to panic
Reacting the reports that investment company Remgro has parted ways with WPRU, Wakefield told rugby365 they will make an announcement soon.
After being placed into liquidation by the Western Cape High Court in December last year, WPRU received a 'bridging loan' (reported to have been ZAR40-million) from Remgro.
WPRU wanted this 'loan' to be converted into a shareholding.
However, media reports said Remgro has declined this offer and the loan must now be paid back.
It also means Remgro has 'turned off the tap' that saved WPRU when the cash crises first made headlines late last year.
"There is no reason, I emphasise NO REASON, to panic," Wakefield told rugby365.
"Western Province will make a very positive announcement in future," he said, adding the announcement will come "as soon as the opportunity presents itself".
Remgro CEO Jannie Durand was not immediately available for comment.
It has been rumoured that there has been numerous boardroom spats between Remgro officials and Wakefield.
However, it is not clear if this has been the only reason behind the decision by Remgro to turn off the tap and walk away.
Reports of financial malady in the Province paradise have been rife, despite the Remgro bailout last year.
Wakefield's response suggests the impecunious mire WPRU have dropped into may not be as deep as some critics have suggested, even though the Cape Town outfit will have to tighten their belts.
By Jan de Koning
@king365ed
@rugby365com
