WP Rugby signs deal to become CT Stadium anchor tenant
In a media release, the Cape Town council confirmed that it had approved a binding heads of agreement between the municipality, the stadium and the the rugby union.
CAPE TOWN - Cape Town Stadium will be the new home of Western Province rugby.
In a media release, the Cape Town council confirmed that it had approved binding heads of agreement between the municipality, the stadium and the rugby union.
It means the Western Province Rugby Football Union will become the primary anchor tenant at Cape Town Stadium from 1 February.
The city said that the stadium would remain a multipurpose facility for all where a variety of events could be enjoyed.
Deputy mayor Ian Neilson: "When the directive for the construction of such a world-class stadium was thrust on us as a host of the 2010 Soccer World Cup, we needed to make it happen for the economic opportunities and nation-building prestige that it would bring. However, we knew that after the event, we’d have to make it a financially sustainable landmark. As a consequence, we have been investigating ways to reduce the burden of carrying the operational costs of the stadium. This has led to a number of programmes aimed at enhancing the viability of the Cape Town Stadium through the commercialisation of the Cape Town Stadium Precinct in general.
"It also involved looking at ways to enhance the economic sustainability of the Cape Town Stadium operation itself, such as the construction of hospitality suites and getting a primary anchor tenant. Studies found that rugby would be the most viable economic sporting option and that this would benefit both rugby and the Cape Town Stadium equally.
"The Cape Town Stadium is well on its way to becoming a more financially sustainable entity and this reduces the burden on future generations and ensures that there is yet another world-renowned public asset that all the people in Cape Town can be proud of."
The Western Province Rugby Football Union said they were opening an exciting new chapter.
"This is a watershed moment for Western Province Rugby as we open an exciting new chapter which will help ensure our financial sustainability and grow the game in the future," said Western Province Rugby Football Union president Zelt Marais.