The court accepted as evidence Cape Times newspaper articles in which the club owner boasted that he had filled the shoes of slain underworld kingpin Yuri "the Russian" Ulianitski and described the "battle for control of resources in the city".
Russol, 40, was arrested in February for extortion of R730000 and theft of R250000.
His co-accused, Kevin Bailey and Simon Scott, were released on bail last month, but the state argued that Russol was a danger to the public and would intimidate witnesses.
Russol is alleged to have extorted and intimidated local businessmen since November 2010. He had allegedly demanded that a businessman finance a Porsche Cayenne car for him.
Magistrate Justhree Steyn denied him bail yesterday.
"I am satisfied that the state has a prima facie case against [Russol]," he said. "The court accepts the newspaper articles as evidence."
Steyn said the articles were relevant because they painted a picture of who Russol is.
Russol told the newspaper he had been a friend of Ulianitski, who was assassinated almost five years ago. No arrests have been made in connection with Ulianitski's murder.
"You can't be No1 forever. You'll be taken down," Russol was quoted as saying.
He said that Ulianitski's rise to power in the city's underworld had led to "divisions" and a "battle for control of resources", which led to at least two murders.
Russol's advocate, Pete Mihalik, said the state had to do better than rely on newspaper articles to oppose bail.
The case was postponed to March 13.
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