Official: PSL Confirm Celtic Sale
The Premier Soccer League have officially confirmed the sale of Bloemfontein Celtic to Royal AM and explained why they approved it just a few days before the new DStv Premiership campaign starts.
The PSL held a press release on Tuesday give an update on the transaction between Bloemfontein Celtic and Royal AM.
“There is a matter of transactions. It is a matter that has its own history, it almost took the executive three days of deliberation,” PSL chairman Irvin Khoza explained.
“The main point is that the transition must be seamless, because there are a lot of stakeholders affected by this transition.
“There is a very important issue that we discussed, the future financial stability (of the club). The future financial stability is a matter that faces us every day in football.
“We want to protect the history of a club, but the issue of sustainability is a problem. Regardless of our discomfort when we deal with transitions sometimes, we must make sure we are doing the right thing.
“We must consider two things, the issue of the insolvency of the club, the risk of insolvency. If somebody says ‘I cannot afford.’ What do you do?
“As a league we have an obligation that the league must start with 16 teams, we’ve got commitments with sponsors, tv, etc. We don’t have too many in our football with deep pockets.
“That’s why it almost took us three days to discuss this matter.
“It is very important that the players and other employees must be protected. In a case of insolvency, people lose jobs.”
The PSL Executive approved the sale on Friday and confirmed the news in a press conference on Tuesday.
Bloemfontein Celtic were founded in 52 years ago as Mangaung United in 1969 and will now move from Free State to Kea-Zulu Natal.
Meanwhile, TTM have confirmed that they have acquired the GladAfrica Championship status of Royal AM.