Big trouble for Motaung! Creditor wants Bobby's Kaizer Chiefs shares after failure to pay millions of Rands to investing company! 'He lives an opulent life... debts exceed value of his assets'

Kaizer Chiefs are one of the biggest clubs not only in Mzansi, but in Africa at large.

The Soweto giants, founded by Kaizer Motaung, are run by the family that includes Bobby Motaung, who is the Football Manager, Kaizer Motaung Jr., who is the Sporting Director, and Jessica Motaung, who is the Marketing Director.

Despite the struggles on the pitch, Amakhosi have been doing well financially.

However, things are seemingly not going well for Bobby Motaung, who is struggling to settle his loan, according to creditor Pent Up Investment.

It is alleged that he purchased a commercial property in Mondeor, Southern Johannesburg, worth R9 million. However, he has not since honoured his part of the bargain, which has seen the creditors take him to court.

The Amakhosi Football manager has been sued, with the creditor alleging he is owed more than R4.5 million.

According to the company's boss, Costas Couremetis, Bobby has failed to honour his part of the deal.

Through his lawyers, Couremetis told the Johannesburg High Court that the Amakhosi official can't service his loan, and that his assets are way below the aforementioned value.

He has now requested the court to order Bobby to surrender his Kaizer Chiefs shares, among other demands, to recover his money.

“The indebtedness as it currently stands at the end of January 2024 is in the sum of over R4.3-million," he said as quoted by the Sunday World.

“In fairness to the respondent, he has not sought to dispute the indebtedness since the judgment was granted against him. However, he has clearly not been able to pay the full sum, as and when it was due, even after having been given various reasonable and generous indulgences over many years.

“The respondent has over all of these years lived a very opulent lifestyle, driving a Bentley motor vehicle; owning and living in a large immovable property in a very prestigious area, namely Houghton; wearing very expensive clothing and different, very expensive watches at our various meetings and generally portraying the image of a very successful businessman, who is extremely well off; and who occupies a considerable position in the eyes of society, throughout South Africa, by virtue of the prominent position which he occupies at Kaizer Chiefs Football Club,” he continued.

“I have no doubt, having said the above, that the respondent’s debts are actually exceeded by the value of his assets. I believe that his problem is merely with respect to cash flow and a lack of liquidity, caused also by his extravagant lifestyle, coupled with his picking and choosing which debt he will settle from time to time.

“In this regard, by way of example, the respondent’s shares and claims in and to Kaizer Holdings (Pty) Ltd, which I believe to be the owner of the world famous Kaizer Chiefs Football Club, which employs him as well, were attached at the applicant’s behest in and during August 2010.

“Further execution was not, however, proceeded with at the time due to payments made and settlement talks conducted, which culminated in the settlement agreement being concluded," he added.

It is interesting to see how it will pan out, but it might be hard for the club's board to allow someone else into the club's management through the shares.

The Glamour Boys just ended their trophy drought by winning the Nedbank Cup and will be taking part in the Caf Confederation Cup.

It explains why they don't need off-pitch sagas, especially ahead of the new season.