The Cheetahs are reportedly racing to settle a big tax bill as they court a potential equity partner.
According to Sunday newspaper Rapport, the amount owed to the South African Revenue Service is at least R15 million, but the Cheetahs are making repayments.
Cheetahs chief executive Ross van Reenen told Rapport that the debt is a setback as the union hopes to finalise an agreement with an equity partner worth millions of rands.
The potential partner is reported to be Y11, a diversified sport and media investment house, already involved with New Zealand’s Hurricanes and Welsh side Ospreys.
“They are aware of our obligations towards SARS,” Van Reenen told Rapport. “Everything (income and liabilities) was fully declared as part of the due diligence.
“We are in final negotiations, but due to the sensitive nature of it, we cannot say more at this stage.”
Photo: Johan Pretorius/Gallo Images
The post Cheetahs in R15 million tax hole appeared first on SA Rugby magazine.
Src: sarugbymag.co.za
