The Premier Soccer League (PSL) executive committee has approved the sale of struggling DStv Premiership side, Tshakhuma Tsha Madzivhandila (TTM).
“The Executive Committee of the League considered an application submitted by the Black Gold Trust to transfer the club, Tshakhuma Tsha Madzivhandila, to a corporation by the name of Protoscape 202 CC,” read a statement from the PSL on Thursday afternoon.
“The application for approval met the requirements of Article 14 of the NSL Handbook, and was consequently approved albeit with conditions. The conditions imposed by the Executive Committee included that: the contracts of employment of all players are transferred to the purchaser; disputes that may exist will be dealt with by the corporation; and any awards or rulings handed down must be satisfied by the corporation," it said.
The club will continue to campaign as Tshakhuma Tsha Madzivhandila, however it is understood that it will move from Venda to Polokwane.
The sale of the club comes just seven months after TTM owner, Lawrence Mulaudzi, bought the Premier Division franchise of 99-year-old Bidvest Wits‚ a deal that came to light in late May and was confirmed by the PSL in July.
TTM players were summoned to a meeting on Monday in Louis Trichardt, where Mulaudzi informed the players that there would be a change in ownership introduced Dr Abram Sello as the new owner of the club.
Financial woes at the club saw players’ salaries unpaid and charges laid against former CEO, Sello Chokoe, for allegedly defrauding the club.
On the field of play things haven’t gone well either. TTM is currently bottom of the DStv Premiership log with just nine points from their 13 matches to date. The club recorded one victory‚ six draws and six defeats.
TTM will next be in action against Bloemfontein Celtic tomorrow, Saturday, 30 January. Kick-off is at 5pm.