In the media

Royal Bafokeng buy Silver Stars

26 May 2007

Source: News24

Publication: www.News24.com

Premier Soccer League club Silver Stars has become the latest addition in the ever-expanding empire of the Royal Bafokeng Holdings (RBSH), who have bought a 51% stake in this year’s runners-up in the PSL.

JOHANNESBURG — Without revealing the value of the transaction, RBSH MD George Khunou said the aim of the transaction was not financial gain, but to develop soccer in the North West province at the highest level. “It [the transaction] is a stepping stone to higher things for soccer development in the province and Bafokeng Nation,” said Khunou.

RBSH is itself owned by the platinum-rich Royal Bafokeng Nation of the North West province. It owns the Royal Bafokeng Sports Palace soccer stadium, which will be hosting some of the world cup games in 2010 in Rustenburg. Khunou said the club will be renamed Platinum Stars.

Promoted to top-flight football in 2004 and finished second in this year’s race for the premiership title, Silver Stars were in the second of a five-year sponsorship agreement with the RBSH to use the Royal Bafokeng Sports Palace at Phokeng as their home ground. In addition to that, Khunou said his company is negotiating a number of sponsorship awards for the team.

The incumbent owners of the club, CEO Larry Bookstone and Joe Mapfulagasha, will retain equal ownership of the 49%, while the RBSH will appoint three directors to the board. Bookstone said the Bafokeng involvement “undoubtedly” gives the club vital financial muscle.