Mvelapanda Holdings are expected to continue their relationship with the First Division by sponsoring a new knockout competition.
Sowetan has learnt that Tokyo Sexwale's company has agreed to replace the Baymed Cup, which was terminated after being in existence for only one season.
This after the Premier Soccer League announced that it encountered serious problems in getting sponsorship money from the owners of the company.
PSL chairman Irvin Khoza announced the continued involvement of Sexwale's company with the First Division at a board of governors meeting in Sandton on Thursday.
At the same time Telkom Media are coming on board to bankroll the First Division League, which was previously backed by Mvelapanda.
At present the National First Division league - which has been split into two coastal and inland streams - is financed by the PSL.
Despite the acquisition of the long overdue sponsorship, reportedly worth R260 million, the league will still be split into two streams until after the 2010 World Cup.
Khoza, who could not be reached for comment, is reported to have informed the clubs that they were in the process of finalising the two deals.
"We are quite happy with the developments in the First Division,' one club owner said.
"Some of us are running the clubs from our own pockets.
"It is also good that Telkom Media will show most of our games after the PSL negotiated with SuperSport International for television rights.
"We need TV coverage because it will enable us reposition our brands.
"It will help to increase the value of our clubs."