Platinum Stars' sale queries far from over

Robert Ng'ambi's Platinum Stars was sold last month. /Charle Lombard/ Gallo Images
Robert Ng'ambi's Platinum Stars was sold last month. /Charle Lombard/ Gallo Images

Plans are afoot to stop the sale of Platinum Stars, with one advocate submitting a demand to the PSL to halt what he calls a "fraudulent transaction".

The North West club were sold to Rawat Petroleum for R22.5-million last month. But Advocate Ratanang Nke is objecting to the sale, calling on the PSL to re-look into the deal as, he claims, it would be in contravention of the league's own statutes if approved.

At the centre of Nke's objection is what he calls the "paltry" price tag on Dikwena, and the fact that coach Roger de Sa acted as an intermediary for Rawat Petroleum.

"I have written to the league, and [acting] chief executive Mato Madlala responded, saying the executive will come back to me after their meeting on February 22 [tomorrow]," said Nke this week.

"I want the PSL to rescind the decision to go ahead with this transaction because it's shrouded in secrecy. For instance, I know for a fact that there was a bid for R35-million, I was told there was another for R40-million.

"So why settle for R22-million? And as it is, we don't know who these owners are and that's against corporate governance, and the PSL's own rules."

Nke said he also wrote to Royal Bafokeng asking them to provide full details on the transaction.

"They have to disclose everything because the PSL rules say you can't sell to someone who sold their status a year ago," said Nke, who reiterated he was probing the deal in his "personal capacity as a resident of Phokeng".

If the PSL doesn't accede to his request, he will go to court, a fuming Nke said.

He obtained some of the information about the bidding process from Thabo Mokgatle, another Phokeng resident whose bid was rejected.

"I was not given reasons as to why our bid for R35-million was rejected," Mokgatle said.

"I was shocked to hear the team was sold for R22.5-million. Some people inside the Royal Bafokeng council told me they too were surprised the team was sold for so little when it was actually bought for R70-million 10 years ago. Something doesn't add up."

PSL spokesman Lux September said the league had already ratified the transaction but referred further inquiries to the PSL. - Timeslive

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.