Notwane still keen on going private

Mqondisi Dube | Tuesday January 21, 2014 16:17

Notwane secretary Kitso Sedisa, speaking to Mmegi Sport, said the club was interested in commercialisation despite a brief unpalatable stint with GMG Holdings owned by Gift Mogapi.

The club sold 80% of its shares to Mogapi at the beginning of the season but the deal did not pay dividends after the new owner was accused of failing to pump money into the team.

Last Thursday, in a press statement, Notwane announced that the deal between the club and Mogapi had been nullified. It is expected that Mogapi will fight the issue in court.

Sedisa said the commercialisation of the club could not wait once a new buyer is found.

“Our projects cannot wait for the season to end. If we find an appropriate buyer now then we will do business,” Sedisa said.

He said they had not heard from Mogapi since a decision to terminate the agreement last week.

“We have not heard anything from him. He has a number of avenues available for him including going to court, or to embrace our decision.”

He said their deal with GMG Holdings has had varying effects as initially the team played well and with the signing of South African duo, Benedict Vilakazi and Manqoba Ngwenya hype was created.

However, he said Mogapi’s failure to re-capitalise the club led to the poor showing and describes this as Notwane’s worst financial position ever. Sedisa said the club’s purse was better before Mogapi took over. Going forward, he said they would deal meticulously with any interested party to avoid a repeat.

“Once beaten twice shy. We need to be prudent in our dealings. These are lessons learnt, not only for Notwane but the nation at large,” Sedisa noted.

“We rely on members but it (financial situation) is slightly better than before we handed the club over (to Mogapi),” he said.

Notwane has seen its fortunes improve on the pitch in recent matches and Sedisa said the failed privatisation deal had spurred team supporters to be determined more than before.