Bidvest Wits have finally confirmed they have reached an agreement for the sale of their franchise to Tshakhuma Tsha Madzivhandila (TTM).
The Clever Boys explained their decision to sell their Premier Soccer League (PSL) status to the National First Division (NFD) side, Tshakhuma.
However, the Braamfontein-based side explained that this has yet to be ratified by the PSL Executive Committee.
The following statement was released on the club's official website.
"Bidvest and TTM have reached an agreement for next season subject to PSL Exco approval regarding the sale of Bidvest Wits Football Club."
"The sale is a result of our shareholder’s, Bidvest decision to review their sports-related sponsorships and brings to an end a 15-year-long partnership."
"Bidvest Wits Football Club still have nine PSL games remaining this season as well as the Nedbank Cup semi-final and a possible final."
"The club would like to thank their staff, supporters and all the players for what they’ve achieved over many exciting years," a club statement read.
Wits chairman Alan Fainman then explained that deal was prematurely announced over the weekend by Tshakhuma.
"Our people are important to us and we will treat them with respect and fairness in these challenging times," said Fainman.
"The sale of the club will not affect the players' contracts in any way. With regards to the sale of the club and the manner in which it was announced to the public, I would like to reiterate that at the time of the announcement, the deal had not yet been signed.
"Pen has now been put to paper between the new purchaser and Bidvest."
A few of Wits' highest earners have been allowed to talk to other teams before the club's proposed move to Limpopo from Johannesburg.
Gift Motupa, Thulani Hlatshwayo, Thabang Monare, Haashim Domingo and Buhle Mkhwanazi are also expected to be sold by Wits soon.
While Tshakhuma have decided against retaining the services of head coach Gavin Hunt, who is expected to leave the club.
Meanwhile, Wits University also released the following statement indicating that all their shares had been sold to Bidvest.
A statement read: “Wits University has not had anything to do with the sale of Bidvest Wits Football Club."
“Wits has sold its shares in the football club to Bidvest, our partner of close to 15 years, the proceeds of which will be invested in the Wits Student Endowment Fund.”