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Royal Bafokeng buys PSL club
24/05/2007 16:32 - (SA)
Sikonathi Mantshantsha
Johannesburg - Premier Soccer League club Silver Stars has become the latest addition in the ever-expanding empire of the Royal Bafokeng Holdings (RBSH).
Wholly owned Rustenburg-based Royal Bafokeng Sports Holdings has bought a 51% stake in this year's runner-up in the PSL league race.
Without revealing the value of the transaction (because the incumbent owners prefer not to reveal it), RBSH MD George Khunou said the aim of the transaction was not financial gain but to develop soccer in the North West province at the highest level.
"It (the transaction) is a stepping stone to higher things for soccer development in the province and Bafokeng Nation," said Khunou.
The Royal Bafokeng Holdings is itself owned by the platinum rich Royal Bafokeng Nation of the North West province. RBSH owns the Royal Bafokeng Sports Palace soccer stadium, which will be hosting some of the world cup games in 2010 in Rustenburg.
Platinum Stars would be new name
He said the club, to be renamed Platinum Stars, would become an important role-player in meeting the recreational objectives of the Royal Bafokeng Nation's ambitious Masterplan for socio-economic development.
It would also be a primary vehicle in fulfilling RBSH's "vision for a vibrant, healthy and patriotic community, transformed through sport."
Promoted to top-flight football in 2004 and finished second in this year's race for the premiership title, Silver Stars was in the second of a five-year sponsorship agreement with the RBSH to use the Royal Bafokeng Sports Palace at Phokeng as its home ground.
In addition to that, Khunou said his company is negotiating a number of sponsorship awards for the team, (presumably with the mining companies operating on Bafokeng land).
Vital financial "muscle"
The incumbent owners of the club, CEO Larry Bookstone and Joe Mapfulagasha (co-founder of the club) will retain equal ownership of the 49% while the RBSH will appoint three directors to make the five-member the board.
Khunou, who already sits on boards of companies like consulting engineering company Africon Engineering International and CE of Fike Investments, confirmed he would chair the Platinum Stars board.
Silver Stars CEO Larry Bookstone said the Bafokeng involvement with the club would "undoubtedly" gives the club vital financial "muscle" and help take it to the top of the Premier League.
"It is enormously exciting for all of us - owners, management and players - to be able to identify with and be part of the RBN's (Royal Bafokeng Nation) admirable drive to provide sporting and other developmental opportunities for people in the North West Province."
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