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Flyt CEO Zane de Decker has confirmed that they will seek to claim ‘damages’ from the Western Province Rugby Football Union for breaching an agreement signed in June 2020.
“Despite the Flyt Group’s compliance with the concluded agreements, the WPRFU has inexplicably chosen to replace STBB as its legal advisers with a new trial attorney, and has deliberately reneged on the transaction. The WPRFU has done so by now objecting that the agreed land value is at the core of the transaction and, through its conduct, is acting in blatant disregard for the binding nature of the agreements.
‘It is important to note that the agreed land value was proposed by the WPRFU, not by Flyt Group. This value has subsequently been incorporated into the Newlands and Brookside DevCo, which are co-owners of WPRFU and Flyt Group. Demanding that the price be increased six months after the deal is concluded is simply outrageous.
‘The Flyt Group has received comprehensive legal advice from a senior attorney and has its rights guaranteed under the agreements duly entered into with the WPRFU. Accordingly, the Flyt Group will now sue for damages under the settlements, as it is entitled to do so.
‘The Flyt Group is in the process of quantifying its substantial damages which, in addition to its direct costs, will include losses incurred as a result of the missed opportunity to develop both the Newlands Stadium and the Brookside property as the parties intended.
The Flyt Group had hoped to work with the WPRFU to jointly develop the Newlands and Brookside properties, thereby supporting the Union’s commitment to strengthening rugby in the poorest communities and ensuring a sustainable future for rugby in the Western Province.
However, if WPRFU does not compensate the Flyt Group for your damages, you will have no choice but to go to the appropriate forum for assistance in demanding payment. This will include the recovery of the secured loans that Flyt Group has on the Newlands Stadium and other properties. “
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