Flyt stands firm in face of Rasool claims
Fractious Western Province Professional Rugby Chairman Ebrahim Rasool caused a big stir with his recent suggestion that the agreement for the redevelopment of the Newlands and Brookside properties is NOT a done deal.
Rasool told a local webinar that the redevelopment agreement with Flyt and negotiations with American consortium MVM are “ongoing matters”.
As he did in a recent virtual media briefing, while flanked by WP Rugby Football Union President Zelt Marais, the silver-tongued former ambassador painted a picture of financial bliss.
He also spoke of the “unlocking of assets on many fronts”.
Marais, in the same media briefing, was adamant that they have “sufficient cash flow” in the short to medium term.
He added that there was no critical rush to wrap up any of the deals and reiterated that they are not willing to give up control to the American consortium – speaking of a partnership where they will make “joint decisions”.
However, it was Rasool’s claim – made in a media briefing and repeated in a webinar – that the Flyt deal is not set in stone that elicited a firm response from the property developer.
Rasool, in a webinar with the United Coalition for Sport and Community Based Organizations, was adamant that the Flyt deal will be taken back to the lawyers.
“We will have our lawyers examine the Flyt proposal, regarding Newlands or other properties,” Rasool told the webinar.
“Again, [we will] subject it to due diligence.
“If it flies, it flies. If it doesn’t, we will look for a better deal from them or alternatives to them.
“That is the only way we can go forward.”
(Flyt reaction below … )
However, Zane De Decker, Managing Director of Flyt Property Investments, is adamant there is no turning back.
He told @rugby365com that the development companies, to oversee the redevelopment of Newlands and Brookside, have already been formed.
De Decker added that bonds have also been raised on Newlands and Brookside to secure the ZAR112-million loan to WPRFU through a subsidiary Flyt company called DreamWorld Investments.
“There are currently no ongoing discussions around the terms and conditions for the developments,” De Decker told @rugby365com.
He added that, despite Rasool’s claims, due diligence was done before the agreement was signed.
Asked if there is a way for WPRFU to walk away from the deal, his answer was a blunt ‘no’.
“The deal has been concluded and there are no further conditions to be met,” the Flyt owner said.
“We have not been asked by the union [WPRFU] to make any specific changes.”
He confirmed that it will require approximately four years to obtain zoning rights and then another three to five years to execute the redevelopment.
Also worth reading …
WPRFU don’t want just ‘warm words and promises’
More ‘women and black people’ for WPRFU
Sponsors reps walk out on WPRFU
Another WPRFU deal gone south?
Nothing ‘clandestine’ about Masotti meetings
‘The Titanic has hit an iceberg’
The ‘smarts and savvy’ that WPRFU needs?