By McGeorge Mbare
South African Premier Soccer League club Royal AM ‘s sale falls through after the potential buyer Global investments failed to make payment on time.
The Durban businessman is alleged to have failed to comply with SARS curator after the bid money was not paid into the SARS trust account by the 10.00 deadline on March 27.
“Notwithstanding numerous demands to the representative(s) of Global Investments to comply with its obligations in accordance with inter alia the sale agreement, as at 10h00 today [Thursday], it / they had failed to effect payment of the Purchase Price into the trust account of the curator bonis’ legal representatives. As a result of aforesaid failure to make payment as required, the curator bonis was left with no other option but to cancel the agreement with Global Investments, which election was communicated at approximately 10h30 today to the Offeror’s representatives,” said a SARS curator quoted by SABC.
The sale was expected to be presented to the Premier Soccer League’s Executive Committee for approval prior to confirmation. However, given the current outcome, it remains uncertain what will now happen with the Durban club and its contracted personnel.
Royal AM has not played any matches since December 2024 and was also booted out of the Nedbank Cup competition by PSL committee.
Royal AM found itself in this kind of situation because of their owner ‘s tax credit to SARS. Shaun Mkhize reportedly owes SARS more 37 millions and SARS bids her club to repay the debt.