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birds shares up for gra bs

By Sello Rabothata and Mogomotsi Selebi | Mar 24, 2010 | COMMENTS [ 0 ]

MOROKA Swallows' majority shareholder, Dieter Bock, is selling his stake in the club.

Bok has a 90percent stake in Swallows. The Germany-based owner told Sowetan yesterday that he decided to sell his shares after acquiring them more than 10 years ago.

Bock would not say how much he wanted for his shares but according to our source at the club he is reportedly looking for R50million.

The pressure, said our source, comes from the government.

"The guy initially owned 86percent of the club, then some minority shareholders started complaining about his large stake in the club and he decided to buy them out, which brought his stake to 90 percent.

"By the look of things he is looking for a partner to meet the government's BEE (black economic empowerment) structure," said our mole.

Politician and top businessman Tokyo Sexwale was once reported to have been interested in buying the club.

Bock maintained that it was a business decision. He told Sowetan from Germany yesterday: "One has to make a decision that he feels is right when the time is right. I am glad I was not under pressure to sell because of economic reasons.

"Also, I am getting old and there are people in SA who can do a much better job than I can.

"I have made it clear that whoever takes over will have to do a better job than I have done.

"I have had a good time during my time here and have also met a number of minority shareholders.

"Initially they were very nice and warmed to me but later on some of them, a very small number, changed their attitude towards me."

Bock said he was happy to leave the club in "much better shape than it was in when I first took over".


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