Lions get cash injection
10 Feb 2012
Lions president Kevin de Klerk says his union will be ‘cash flush in months’ following the signing of a multi-million rand sponsor.
The GLRU, reportedly in deep financial crisis, signed a three-year deal with Redefine Properties on Thursday that will see the Redefine logo appear on the Lions jersey, along with the MTN logo, in Super Rugby and the Currie Cup.
‘It will fall into the budget and we are projecting to have all these legacy issues sorted out in the very near future,’ De Klerk said. ‘We project to be cash flush in months. We are not saying that we are not [cash flush], but this has gone a long way in alleviating the situation at the Lions.’
Former GLRU potential equity partners, the Guma Tac Group, said in January the union was ‘hopelessly insolvent, both factually and commercially’.
De Klerk said the legal process initiated by Guma Tac was through the court and he felt it did not have a place in rugby. ‘We will not negate or renege on any of our responsibilities to them and any of the moneys that are payable legally we will settle.’
23 Comments
9 Feb 2012, 20:33 pm
when somebody owes you money big kev and they don’t wanna pay then you sometimes have to approach the courts to get it back.this few bob coming into the lions coffers will mean sweet fokkol if the mismanagement continues at that union.
9 Feb 2012, 20:34 pm
when somebody owes you money big kev, and they don’t wanna pay ,then you sometimes have to approach the courts to get it back.this few bob coming into the lions coffers will mean sweet fokkol if the mismanagement continues at that union.
9 Feb 2012, 22:14 pm
No Manie.
New sponsor.
Well done Leeutjies.
10 Feb 2012, 02:06 am
@clm-2: What mismanagement are you referring to exactly? Big Kev is doing a good job since he took over… Got rid of all the dead wood, made the deal with Guma group. Although he took over at the worse possible time, he couldnt have foreseen that Guma would pull out. He can thank his lucky stars that they won the Currie cup.
10 Feb 2012, 04:17 am
‘It will fall into the budget and we are projecting to have all these legacy issues sorted out in the very near future,’ De Klerk said. ‘We project to be cash flush in months. We are not saying that we are not [cash flush], but this has gone a long way in alleviating the situation at the Lions.’
Sounds like a lot of waffling to me…
10 Feb 2012, 04:34 am
@Slartibartfast-5:
Very much has the characteristics of a spec/spiv/ MD in the mining sector trying to hold the share-price before another capital raising…
10 Feb 2012, 06:37 am
@Tuna-3: Manie Reyneke was totally incompetent. He along with that other incompetent fool Jannie Ferreria took the Lions down the brink of extinction.
This new CEO, Moggee, seems to be a good change appointment. He is a business man, not a rugby man like his predecessor pricks.
10 Feb 2012, 08:29 am
Excellent news !!! with the belly up door now firmly shut the Kings wont be sliding in that back door.
10 Feb 2012, 08:53 am
Money will just go to paying Guma back – borrowing from Peter to pay Paul – downward spiral
10 Feb 2012, 09:08 am
Can’t believe the negativity here. Why do some people hate the Lions that much?
10 Feb 2012, 09:16 am
@stew-9:
Stew how stewpid are you. Sponsorship is is not the same as a loan, look it up, educate yourself.
10 Feb 2012, 09:20 am
I wonder if this means that they can buy some more quality players…? They still need better quality depth. Or is this 3 year deal just going to help them get their mane back above water?
10 Feb 2012, 11:05 am
@stew-9: absolutely correct.they owe their partners over 10 million,they owe guma over 10 million,they owe gumede’s partner over 2 million,they are in the red to the of 80 million…..and they still have to pay monthly wages to all of their staff.i think the new money will allow them to live from month to month ……just a little bit more comfortable.
10 Feb 2012, 11:11 am
@clm-13: where do you get all these figures?
10 Feb 2012, 13:59 pm
Cash injections are good seeing their previous partner gave them a beef injection……..
10 Feb 2012, 14:00 pm
@Jeez-14: Out the poepol by the looks of it.
10 Feb 2012, 15:54 pm
This is good news for the Lions.
Kevin de Klerk is the best guy to have taken over the reigns at the Lions.
It cant be easy rebuilding after Manie Reineke almost single handedly, well with the help of the Guma group banckrupted the union.
Lions are on the up, other teams beware!!
I foung out the other day the reason the Guma group pulled out, is because the wanted/insisted the Lions move to Soccer City. Then when De Klerk and board members refused Guma threw a huge tantrum. Guma then tried to sign a deal behind the Lions board backs, and from there the deal when sour.
Guma doesnt feel a f**k for rugby nor does he understands it. It was the best thing that could have happened to the Lions in the long run (Guma pulling out)
THE LIONS WILL ROAR AGAIN!
10 Feb 2012, 18:13 pm
Uuuuuuuuuuuuhhhhhhhhhhhhhhh haven’t we heard this before??? Turned out real good.
10 Feb 2012, 18:37 pm
Look at it this way. The LIons first 10 games are against:
Cheetahs- they could win this one…. 1/0
Hurricanes- might even win this one…. 1/0
Sharks- will lose this one…. 0
Stormers- will lose this one… 0
Crusaders- will definitely lose this one… 0
Cheetahs- might win this one…. 0/1
Bulls- might win this one… 0/1
Brumbies- might win this one…. 0/1
Chiefs- might win this one…. 0/1
Blues- wont win this one…. 0
worse case = 0 out of 10
best case = 6 out of 10
Wouldnt get to excited….
10 Feb 2012, 19:01 pm
@Chris4Lions-17: guma never bankrupted the lions…..they were already feckked when gumede got on board.remember the player contracts written on toilet paper.?……oh yes that was true.
10 Feb 2012, 19:02 pm
@Jeez-19: i will go for the worst case.it’s all in my plan to get them out of super rugby.
10 Feb 2012, 23:14 pm
***** h ****** the lions need more than a cash injection
11 Feb 2012, 01:02 am
Cliff aungier? Christus almighty this place sold out, just as well we got the northereners. Fkn poefda central.
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