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Sandile Mchunu - Fin24
Johannesburg - The 2010 Fifa World Cup has already done wonders for the game of football in South Africa - three years before the event takes place.
The Premier Soccer League (PSL) has recently raked in R1.6bn from SuperSport for PSL broadcasting rights. Previously, the South African Broadcasting Corporation (SABC) paid R500m for the last set of rights which expired in May.
It is for this reason that PSL teams are in a better position to negotiate for better sponsorships from the corporate world, with Silver Stars Football Club being the latest to get a much-needed financial boost.
The North West province's Bafokeng tribe has joined forces with Silver Stars in a deal that is worth more than R45m for a 51% controlling stake in the club. This is a first in South African football, with a tribe buying into football.
The move - set to change the face of the South African football - has benefited both parties. The Bafokeng's financial muscle will enable the club to be run like a business entity.
The club will be able to compete for the best players in the market, set up its own development academy and be able to pay the players' salaries.
'Perfectly positioned'
The tribe has entered the deal through its Royal Bafokeng Sport Holdings Investments. "It's an exciting time for South African soccer and our timing couldn't have been better. Rustenburg is hosting the 2010 World Cup and we are perfectly positioned to contribute to football," said chairperson and managing director George Khunou.
This has resulted in a name change from Silver Stars to Platinum Stars. A new five-member board of directors has been formed.
It consists of former chairperson and managing director (now CEO) Larry Brookstone, George Khunou, Professor Lesole Gadinabokao and Joseph Mapfulagasha. A fifth member is yet to be appointed.
"We are not only bringing financial muscle to the club, but also corporate governance. We are assembling a very competent professional team and other developments are being planned for the whole province. This is a start of better things to come," said Khunou.
Former Kaizer Chiefs public relations officer, Putco Mafani, has been appointed as marketing and communications manager.
- Fin24