Investment blow for Lions
Deal to purchase 49.9% of union falls through
Last Updated: June 29, 2011 8:06am
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."