The union applied for provisional liquidation last month saying its liabilities exceeded its assets by more than R6.3 million.
It also sustained operating losses of more than R4.1 million after tax in 2014.
Liquidators have now been given the go-ahead to sell the business as a going concern.
The rugby union can also cancel all negative or non-commercial contracts.
A Cape Town marketing company Aerios had opposed the liquidation.
The company entered into an advertising deal with the union in 2011, which gave it commercial rights at Newlands Stadium.
