Bidvest Wits has finally come out to confirm the sale of the club to GladAfrica Championship outfit Tshakhuma Tsha Madzivhandila. In a statement issued Wednesday, Wits club management explained that the PSL has yet to ratify the sale – and also explained the circumstances surrounding the announcements by TTM last week.
Bidvest Wits Chairman, Alan Fainman, further explained that the TTM announcement had come prematurely over the weekend as documentation had not been concluded.
“Bidvest and TTM have reached an agreement for next season subject to PSL Exco approval regarding the sale of Bidvest Wits Football Club,” read a statement from the club.
“The sale is a result of our shareholder’s, Bidvest, decision to review their sports-related sponsorships and brings to an end a 15-year-long partnership.”
“Our people are important to us and we will treat them with respect and fairness in these challenging times,” said Fainman.
“The sale of the club will not affect the players’ contracts in any way. With regards to the sale of the club and the manner in which it was announced to the public, I would like to reiterate that at the time of the announcement, the deal had not yet been signed.”
“Pen has now been put to paper between the new purchaser and Bidvest.”
Meanwhile, Wits University has also also issued a statement on the development.