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TTM's Financial Woes Escalate, Accounts Frozen?

The Siya crew can exclusively reveal that Tshakhuma Tsha Madzivhandila are currently in discussions with former owner Masala Mulaudzi over monies owed.

On Wednesday, the Siya crew broke the news that TTM are understood to be in a legal dispute with the former owner, and that a letter of demand seen by the crew, was issued for the collection of an outstanding balance in the region of R10 million.

The lawyer's letter, which outlines the claim for payment, is believed to have led to a planned meeting to be held between Malaudzi and current owner, Abram Sello.

Siya sources have indicated that the club’s accounts were frozen on Wednesday evening.

"The former owners have taken control over the TTM FC bank account with almost R9 million, proceeds from the Nedbank Cup final," a source close to the club has revealed.

"It’s true that TTM FC contacted one of the trustees, requesting an urgent meeting this morning. Unfortunately, Mr Mulaudzi could not meet them and referred them to his lawyers, Strauss Daly Attorneys, Sandton offices." 

TTM have since released a statement, revealing that the matter is with their lawyers.

"Tshakhuma Tsha Madzivhandila FC has noted with concern the allegations in the media that the club is owing the former owner (and) chairman of the club Mr Masala Mulaudzi an amount of R10m. The club management is consulting with its lawyers (and) will only respond to the allegations once the matter has been looked into," read a statement from the club.

When asked for comment, the club spokesperson, Rufus Matsena, did not address the matter of the club's accounts being frozen, however indicated that the scheduled meeting for today had not taken place. 

"A meeting was scheduled for today 10h00 with Mr Mulaudzi but postponed for later, for the availability of his lawyer. Up to now we are waiting to hear from Mr Mulaudzi and his legal team for any alternative time." 

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