One of the most talked-about transactions in South African football has finally been clarified, with Siwelele chairman Calvin Le’John opening up about the behind-the-scenes details of his club’s acquisition of SuperSport United.
Read: All 16 Confirmed Top Flight Coaches
Le’John has revealed that he purchased the club for R50 million, ending weeks of speculation about how the deal came to be.
Speaking on 94.7's Marawa Sports Worldwide (MSW), Le’John explained how he secured the funds to not only acquire the Premier Soccer League status of the Tshwane-based outfit but also ensure its financial sustainability moving forward.
“So even when we went to SuperSport, they've got no debts. So we went in with the full R50 million and we said, ‘Guys, here’s our bid for the team,’ and we won,” Le’John said.
But how exactly did he pull it off?
“I don’t have R50 million just lying around. I sold our properties on the coast. I sold some properties in Sandton to fund the project. To fund the liquidity of the team, I sold some shares to a consortium of one of our diamond mines in the North West for the sum of R90 million,” he disclosed.
Le’John also took the opportunity to shoot down rumours doing the rounds on social media that he had secured a government tender worth R70 million to bankroll the purchase.
“That’s a blatant lie. I know nothing about that,” he said firmly.
Read: Professor's Chiefs Stint Comes To An End
