SALE OF NEWLANDS CRICKET GROUND
1
WPCA
25-Apr-2000
JOINT PRESS RELEASE ON THE SALE OF NEWLANDS CRICKET GROUND
The essential terms of the sale agreement are the following:
1. The WPCA ("the Association") has purchased approximately 90% of the Newlands Cricket Ground from WPCC ("the Club"). The Club will retain ownership of their Clubhouse and parking area behind it.
2. The agreement is subject to a number of suspensive conditions, the most important of which relates to the Club's purchase from the City of Cape Town of the City's property on the Avenue de Mist side of Keurboom Park on land already utilised for sport facilities.
3. The members of the Association and the members of the Club must still approve the agreement of sale, before it becomes biding.
4. It is anticipated that the property will be transferred during the first half of 2002. The purchase price of R33 00 000,00 (excluding VAT) will be paid on transfer.