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Sunwolves 04:15 Lions

Investment blow for Lions

Deal to purchase 49.9% of union falls through

Last Updated: 29/06/11 8:06am

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Gumede: Has walked away from a deal to invest in the Lions

Gumede: Has walked away from a deal to invest in the Lions

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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."

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