Petrohyper takes over TAFIC
Chakalisa Dube | Saturday January 21, 2023 06:00
TAFIC chairperson, Tumelo Toteng confirmed the majority of the club’s stake is now in the hands of an unnamed independent investor.
He explained that the investor owns 90% of the shares while the club supporters will retain a 10% stake.
Although he did not name the investor, Companies and Intellectual Property Authority (CIPA) records indicate that Petrohyper is the company that has acquired a major stake in the club.
The company is wholly owned by renowned businessman Ndinabo Setaelo. Toteng declined to give the value of the deal amid reports that Setaelo has promised massive changes at the club beginning end of the month. He explained that some of the crucial elements of the club takeover will be made public at a launch.
He also pointed out that the deal does not have a specific timeline but is guided by certain deliverables and clauses. “The arrangement can only be terminated if either party feels that they can no longer continue,” Toteng said. He added that the idea to privatise TAFIC started gaining traction at the end of last season after the club experienced a significant slump.
TAFIC were almost relegated to the Division One League but survived after Eleven Angels were promoted to the elite league leaving a free slot in the First Division North league.
For over a decade, there has been talk of privatising the club but both the supporters and the leadership have appeared not keen to give the club to an independent investor. Despite a rich history, TAFIC have spent time alternating between the Premier League and the First Division. This has largely been attributed to lack of funds and reluctance to commercialise the club. “Last season it increasingly became evident that the club can no longer operate as a society.
It was difficult to finance operations, including paying players salaries. That is why the committee was given the mandate to expedite finding an investor to run the club.
We expect positive changes at the club since there is a new investor,” said Toteng. The relationship between Petrohyper and TAFIC is not new. The company has been backing some of the club’s activities for years. According to Toteng, earlier this season the company purchased training equipment for the club, amongst others.