Investment blow for Lions
Deal to purchase 49.9% of union falls through
Last Updated: 29/06/11 8:06am
Gumede: Has walked away from a deal to invest in the Lions
The Lions have been rocked by news that their billionaire investors have walked away from the union.
Guma TAC, backed by Robert Gumede and Ivor Ichikowitz, had agreed a deal to buy a 49.9 per cent stake in the Lions eight months ago.
However the duo have now terminated the deal, with GLRU president Kevin de Klerk saying: "We have worked very long and very hard at the union to deliver a workable final shareholders agreement.
"We were prepared to keep working on that process, but unfortunately the agreement could not be concluded."