Date published: September 19 2020
The board of SA Super Rugby (Pty) Ltd which trades as the Southern Kings has placed the insolvent company into voluntary liquidation to secure the longer-term financial future of rugby in Eastern Province.
The shareholders the Eastern Province Rugby Union (EPRU) and SA Rugby took the decision in the face of an accumulated deficit of R55m, and with zero income in prospect for the remainder of 2020.
The hard fact is that the Kings are insolvent, with significant debts and zero assets and it would have been reckless of the board to continue to trade, said Andre Rademan, chairman of the board.
Its continuation would have required loans from the EPRU and loans additional to the R45m that the compan…
Read the full article at: https://www.planetrugby.com/southern-kings-company-put-under-voluntary-liquidation/
