South Africa

Thanda Royal Zulu To Be Owned And Run By South African Consortium

The relegated club are set to be taken over by a group of South African businessmen...

Jul 5, 2009 10:25:33 AM

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Thanda Royal Zulu's future will be guided by South Africans, after a local consortium reached an agreement to buy the First Division outfit from the Swedish owners.

“The Swedes are in the process of handing the club to a South African consortium,” said Pierre Delvaux, who stays on as a nominee shareholder of the club who went down after failing in the promotion/relegation play-offs.

Although he is not yet in a position to name the local consortium, Delvaux confirmed that, while he will handle corporate governance at the club, veteran administrator Lawrence Ngubane has been appointed as a nominee shareholder and will oversee the football aspects.

“The agreements have been signed, but the South African consortium has yet to meet their financial obligations. They have already been at work this week, meeting players and the technical team. Paul Matthews {assistant coach] has been asked to stay on but there’s no decision yet about the Swedish coaches [Roger Palmgren and Johan Eriksson].

“The South African group will take over all the operating expenses - the club, players, coaches, everything. Now, all that’s left is to do the share transfer to the new owners,” said Delvaux.

P.Petroncelli, Goal.com