Struggling Royal Bafokeng Nation to sell PSL team Platinum Stars
Because the economy is struggling and the price of platinum has fallen, the nation has been forced to ‘give away the club’, a spokesperson says
The struggling South African economy and fall in the price of platinum forced the Royal Bafokeng Nation to sell Platinum Stars‚ a spokesperson for the Bafokeng has said.The Premier Soccer League franchise of Stars has been sold to a four-person consortium that includes coach Roger de Sa‚ and is backed by a company called Rawat Petroleum‚ for an unusually low price of R22.5m.Royal Bafokeng representative Kgosana Rapetsana said the nation’s stake in its wealth was in the mining industry‚ especially platinum.Royal Bafokeng Platinum slumped to a loss in 2017‚ reportedly blaming that on a weak platinum price‚ strong rand and restructuring costs."The Royal Bafokeng Nation bought this club before SA’s bid for the first [2002] World Cup‚" Rapetsana said."The reason we bought it was because we wanted the World Cup to come to Phokeng [outside Rustenburg‚ where Stars are based]. And it really did happen‚ because Phokeng‚ according to Fifa‚ is the first village to host a World Cup [match‚ in 20...
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