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IOL News
5 days ago
- Business
- IOL News
SA Rugby in the pound seats as international rivals struggle to make ends meet
Saru CEO Rian Oberholzer was happy to report a R100m profit for the union this week. Photo: Supplied Image: Supplied South African rugby is set to buck the global trend and report a profit of more than R100 million for 2025, clearing 2024's losses and ensuring the 15 member unions receive their full funding, while support for the Springboks and all national teams continues unchecked. This good news emerged from the annual meeting of the South African Rugby Union (SARU) in Cape Town on Thursday. Last year, South African rugby recorded a loss of R93 million due to its investment in northern hemisphere rugby competitions, but SA Rugby has already wiped out that deficit with a strong start to 2025. This is in contrast to many rival countries, who are under severe financial pressure. Other international federations have lost as much as R913 million, with five other Tier One nations reporting losses of between R588 million and R181 million. The next 'best' performance after South Africa's was a loss of R126 million, members at the meeting were told. SA Rugby's continued investment into membership of northern hemisphere competitions led to a group loss in 2024, but the organisation had already wiped out that deficit with a strong start to 2025 - more here: 👍 — Springboks (@Springboks) June 5, 2025 Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Rian Oberholzer, CEO of SA Rugby, said that participation in the United Rugby Championship (URC) and European Professional Club Rugby (EPCR) came at a net cost of R124 million in 2024. 'We have been investing in the long-term future of South African rugby to become full members of the URC for the best part of eight years,' said Oberholzer. 'It has come at a significant cost to the sport, but there is no doubt that it has been the right thing to do. 'Once we fulfil certain membership obligations this year, we will begin to reap the on- and off-field rewards of such investment. 'If we had not undertaken this journey, we would have been reduced to playing only domestic competitions, which would have had catastrophic high-performance as well as financial ramifications for rugby in South Africa. 'It has been a tough financial road, but we have annually outperformed our global peers since the pandemic, while taking on the unusual cost of our investment into the URC and EPCR. 'Reporting a loss can never be desirable, but the irony is that we are more than satisfied with our position,' said Oberholzer. 'We had budgeted for a loss in 2024 in the expectation that the members would approve the private equity transaction that they had sought, releasing funds to cover the deficit. 'When that did not happen, we continued with our planned commercial reset and other revenue generation plans, which have borne fruit. We are in the very rare position among our international peers of continuing to be debt-free and confident of posting a surplus in 2025.'
IOL News
27-05-2025
- Business
- IOL News
Msunduzi Municipality faces R2 billion debt burden due to theft of services and non-payment
The Msunduzi Municipality city hall. Image: Doctor Ngcobo Independent Newspapers The debt crisis in Msunduzi Municipality is worsening due to theft and non-payment for services, with the municipality now owing its key service providers close to R2 billion. Reports detailing the payments owed to Eskom and uMngeni-uThukela Water Board reveal that the municipality owes these two entities close to a billion rand each. The details of the debt are contained in a report tabled before the city's Municipal Public Accounts Committee, which was presented at its recent meetings. City councillors have attributed the debt to the theft of water and electricity, estimating that this theft costs the municipality about R3 million each month. Councillors have raised concerns about thousands of bypassed water and electricity meters in the city, which prevent the municipality from generating revenue from these services. They noted that city officials have failed to act against theft and non-payment, causing the city to accumulate this debt. The municipality has been actively trying to collect what is owed by businesses and government entities, employing harsh tactics, including the disconnection of electricity to businesses and even schools. The financial statement, including payment notifications contained in the report, shows that the municipality is making payments. One statement of accounts attached to the agenda indicates that as of March this year, the municipality had a balance due to uMngeni-uThukela of approximately R980 million. This includes about R663 million that is more than 120 days in arrears, R93 million that is 90 days in arrears, R42 million that is 60 days in arrears, and more than R80 million that is 30 days in arrears. The account summary for February this year for the city's Eskom account shows that the total due is just over R1.052 billion. Bank statements confirm that the municipality has continued to make payments towards its debts. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Rienus Neimand of the ACDP expressed concern over the massive variations that have led to the adjusted budget. He further noted that the administration presented the National Treasury with an unfunded budget that has been rejected. 'The huge deficit in collections and the spiralling increase in theft, along with the forfeiture of grants due to non-performance, is a sure sign of a dysfunctional administration. Furthermore, the escalating debt to uMngeni-uThukela Water and Eskom is a sign of an administration out of control. The Section 106 investigations implemented by national and provincial Cogta into maladministration, corruption, and theft show that the governing ANC minority is a party to this chaos,' he said. The DA announced that it will table a budget plan it claims will rescue the municipality, addressing the issue of this debt as part of that plan. The council is set to table its budget for the 2025-2026 financial year on Wednesday. MPAC chair councillor Zwelinjani Magubane said there has been negligence on the part of the officials, adding that the situation was unacceptable as it continues to compromise the municipality's finances. 'They have let this situation get out of hand. How are they going to collect a billion from people? They have been trying to collect, but they have not been aggressive enough. There are still companies that owe millions to the municipality that have not been sanctioned. What we have found is that people are just stealing and not paying. There are poor people who cannot afford to pay, but there are wealthy individuals who can pay but choose not to, and those are the same people that owe the most to the council,' he said. Magubane said they have asked for a breakdown in each ward to see who was paying for services and who was not and why.
Eyewitness News
21-05-2025
- Business
- Eyewitness News
Budget 3.0: R1 trillion allocated to infrastructure projects, says Godongwana
CAPE TOWN - Infrastructure continues to be the anchor of the 2025 budget, with more than R1 trillion to be pumped into several projects over the next three years. According to the National Treasury and Finance Minister Enoch Godongwana, the public sector will spend most of the money, as it invests in economic infrastructure. Moreover, the funds will be mostly led by state-owned companies. Tabling the highly anticipated third version of the budget, Godongwana says quality infrastructure investment strengthens productive capacity and creates jobs. ALSO READ: Budget 3.0: Economists speculate Godongwana could lift freeze on fuel levy The latest budget says the proposals outlined in the March 2025 budget review on infrastructure investments remain unchanged. During that March budget, Godongwana said public infrastructure spending in the medium term would amount to more than R1 trillion, focusing on the three sectors of transport, water and energy. Today's budget continues on the same path, with billions earmarked for strategic infrastructure for the next three years. "Public infrastructure spending over three years will exceed the R1 trillion mark. This spending will focus on maintaining and repairing existing infrastructure, building new infrastructure and acquiring equipment and machinery." Godongwana says the largest investment will go to transport and logistics at R402 billion, with R93 billion of that going to the South African National Roads Agency (SANRAL) to maintain the country's 24,000 km national road network.
IOL News
11-05-2025
- Sport
- IOL News
Football pay-day for KZN and Mayor Xaba mixes with the masses at Albert Park Fan Park
VICTORY eThekwini Mayor Cyril Xaba joined fans at Albert Park Fan Park for the Nedbank Cup Final, as Kaizer Chiefs triumphed over Orlando Pirates. Picture: Doctor Ngcobo/Independent Media Over 10,000 people gathered at the Durban beachfront fan park to watch the Nedbank Cup final on Saturday. This would also give administrators a chance to rope in small businesses as well. KAIZER Chiefs and their fans were overjoyed with the winning performance their team delivered at the Moses Mabhida Stadium on Saturday, but they were not the only ones celebrating. Hosting the the "Soweto Derby" in Durban, which included Orlando Pirates, benefitted KwaZulu-Natal's coffers to the tune of R93 million, this was confirmed by KZN's Premier, Thamsanqa Ntuli. Benefitting the most from the revenue injection were the hospitality, tourism, and entertainment sectors, and township traders also cashed-in on the razzmatazz that the event generated. More than 40 000 fans took in the action live at the match venue with thousands more thronged at fan parks and other establishments that broadcasted the football fixture, and Premier Ntuli was pleased that the football spectacle was a well-run and safe event. eThekwini Municipality's mayor, Cyril Xaba watched the match at Albert Park Fan Park in Durban. Though Xaba was not exactly inconspicuous, dressed in a suit with a green shirt underneath and an entourage in tow, the ANC member shared the experience with the masses at the public viewing venue. Chiefs 2-1 win over favourites Pirates was testimony that South African football was alive and well and also marked the first piece of silverware Chiefs have won in 10 years. The outcome is also expected to go some distance towards ensuring Nasreddine Nabi remains in his position as Chiefs' coach next season.
IOL News
11-05-2025
- Sport
- IOL News
KwaZulu-Natal Premier hails Nedbank Cup Final as peaceful, profitable triumph for KZN
A Kaizer Chiefs fan, at a fan park in Durban, celebrates after the team clinched the Nedbank Cup in the match played at Moses Mabhida stadium on Saturday. Image: Doctor Ngcobo Independent Newspapers KwaZulu-Natal Premier Thamsanqa Ntuli said the the peaceful and incident-free hosting of the 2025 Nedbank Cup Final was a major boost for the province, both on and off the field. The match, which saw Kaizer Chiefs crowned champions, saw thousands of football fans travel to Durban for the football showpiece at the Moses Mabhida stadium. Dozens of other fans gathered at the fan parks set up in eThekwini Municipality. Ntuli said the event injected over R93 million into the provincial economy. He extended his 'heartfelt congratulations to Kaizer Chiefs Football Club on their remarkable victory', and also praised the runners-up for their 'spirited performance, which contributed to an unforgettable sporting spectacle.' Ntuli said he had been pleased with the smooth and dignified hosting of the national final. 'KwaZulu-Natal is deeply honoured to have hosted a prestigious national final that unfolded in a safe, vibrant, and dignified manner. Our communities, spectators, and visitors demonstrated the very best of ubuntu and national unity,' Ntuli said. He thanked all stakeholders involved in the success of the event, adding: 'This is a testament to the province's growing capacity to deliver world-class events without compromising safety and public order. We thank our law enforcement agencies, volunteers, and all stakeholders who ensured the success of this occasion.' In addition to the celebratory scenes in the stadium, the event delivered a significant boost to local businesses. The hospitality, tourism, and entertainment sectors recorded a sharp increase in demand. Township traders also benefited through increased vendor participation and trading opportunities, further stimulating the grassroots economy. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Hundreds of people watched the match at the fan park set up by the eThekwini Municipality on the Durban beachfront. Image: Doctor Ngcobo Independent Newspapers The Premier used the opportunity to reaffirm his government's commitment to broad-based sports development across KZN, particularly in historically under-resourced areas. 'We are working to ensure that football is not the only code that thrives in KwaZulu-Natal. From netball and cricket to athletics, boxing, rugby, and indigenous games, our young people must have access to diverse sporting opportunities, infrastructure, and development programmes,' said Ntuli. He added that the province, through partnerships with municipalities, the private sector, and the Department of Sport, Arts and Culture, is already identifying and upgrading sporting facilities while supporting youth training and talent development programmes in all districts. 'KwaZulu-Natal remains committed to being a sporting powerhouse not only through hosting major events but by nurturing grassroots talent and ensuring that sport becomes a tool for economic empowerment, social transformation, and community pride,' Ntuli concluded. THE MERCURY
