In the media

Bafokeng sole owners of Stars

3 November 2008

Source: Sowetan-online

Author: Mcelwa Nchabeleng

Royal Bafokeng are now sole owners of Absa Premiership club Platinum Stars after they bought the 49 remaining shares of the team which cost them R40 million at the weekend.

Before the deal was clinched on Friday, Royal Bafokeng owned 51 percent shares at the team, which they bought two seasons ago for a reported R30 million.

This had resulted in the relocation of the Tycoons from Polokwane in Limpopo to Rustenburg, North West.

The takeover of the club by Royal Bafokeng was confirmed by former co-director Joseph “Tycoon” Mapfulagasha yesterday.

“Yes, it is true that they bought us out and they are now sole owners of Platinum Stars,” said Mapfulagasha.

He would howevernot reveal how much they received from the deal.

He said Larry Brookstone, his former co-director, will no longer be part of the team.

“I’m completely out of the team, but Larry will still be at the team because there are some papers which he needs to submit at the club. He will leave next month.”

Asked why they decided to sell their remaining shares from the 2006 Telkom Knockout kings, Mapfulagasha said they felt the time was opportune for them to sell the club to concentrate fully on their businesses.

“We also considered what these guys did for the club. It was not an easy decision to make but we had to take it and we will move on with our lives.

“We are happy that the people who were part of the team before our marriage with Royal Bafokeng will not lose their jobs. This is the assurance they gave us,” added Mapfulagasha, once the sole owner of the club.

Royal Bafokeng’s George Khunou, who is also the side’s chairman, could not be reached for comment yesterday.