Bafokeng acquires 100% of Platinum Stars

Royal Bafokeng Sports (RBS) will increase its shareholding stake in PSL franchise Platinum Stars Football Club to the 100% mark this week.

RBS, which currently owns 51% of Platinum Stars, will acquire the remaining 49% of the shares from co-owners Messrs Larry Brookstone and Joe Mapfulagasha for an undisclosed amount.

Larry Brookstone will relinquish his position as managing director, but will remain in the position until at least the end of 2008 to allow for a smooth transition to his as-yet-unnamed successor.

Commenting on the acquisition, chairman of RBS, Niall Carroll said: “This is a logical step for RBS to demonstrate its commitment to Platinum Stars in a sport that requires deep pockets to build sustainable success. Larry and Joe have built a robust platform and we are backing the players and technical team to ensure that they can fulfil their potential. While Larry (Brookstone) and Joe (Mapfulagasha) will no longer be shareholders, they have built a club of which we are all proud. We will continue to seek their advice and know that they will remain totally committed supporters of the team.”

Brookstone said: “The club has been our passion for many years, so selling our remaining shares has not been an easy decision for Joe (Mapfulagasha) and me. However, we are convinced that, for Platinum Stars to become a top five club on a sustainable basis, it needs a single, financially strong shareholder. RBS has a long-term commitment to football and we have no doubt that Platinum Stars has a bright future.”

Founded by Mapfulagasha and Brookstone through the merger of Limpopo-based Silver Stars FC and Gauteng-based Highland Park FC, Platinum Stars are currently in seventh spot in the 2008/2009 PSL log.

Their youth teams have enjoyed consistent success over the past few years.

RBS acquired 51% of Platinum Stars in May 2007 and the team’s official home ground is the Royal Bafokeng Stadium in Phokeng, currently undergoing World Cup 2010-related upgrading.