Kaizer takes charge at Chiefs
KAIZER Chiefs boss Kaizer Motaung has bought back the 40 percent share he sold to Primedia in a deal believed to be worth more than R70 million.
Sources close to the two parties confirmed the figure but Sowetan could not independently verify it.
Motaung sold the 40 percent stake for R40 million in 2004 in what was seen as a bargain for Primedia considering Chiefs' stature. The club was housed in the sport division of Primedia Advertising.
Motaung also served on the board of the entertainment giant.
The company's former chief executive, William Kirsh, was instrumental in the acquisition of the stake in Chiefs. Kirsh resigned from the company in August last year. Motaung is now the main shareholder of Amakhosi, where he is also the chairperson. Other directors of Chiefs include Motaung's daughter Jessica, Hamid Muhammad, Bheki Shongwe and Wilfred Ngema.
Motaung, who is also a member of Safa's national executive committee as a representative of the PSL, formed the club in 1970.
Primedia Group owns Talk Radio 702, 94.7 Highveld Stereo, 94.5 KFM and Ster-Kinekor.
The company's group chief executive, Kuben Pillay, said they were proud of their association with one of South Africa's most successful soccer teams.
"Primedia has had a sound relationship with the club for many years, but we have reached the stage of focusing on our core competencies and areas of expertise. In line with such core competence, Primedia will continue to offer to serve Kaizer Chiefs in its commercial ventures."
Motaung thanked the diversified media company for its contribution to the club's growth.
"Primedia has been a good partner to Kaizer Chiefs and we enjoyed a good relationship with them. We thank them for the manner in which they have always engaged with us," he said.
"Furthermore, we are pleased to confirm that our collaborations will continue in a number of areas where our businesses share common and mutual interests.
"This brings about a new era at Kaizer Chiefs."