South African side Highlands Park FC have sold their Premiership status to TS Galaxy.
The Premier Soccer League (PSL) has approved the deal, which will see the GladAfrica Championship side replacing the topflight outfit.
Highlands FC has met all the outstanding financial securities, relocated to Mpumalanga, and renamed TS Galaxy.
The sale had been delayed as the PSL held back on approval amid claims the deal was not in line with section 112 of the Companies Act, which states that all shareholders need to be on board if a company is sold.
However, the owner of TS Galaxy, Tim Sukazi, a lawyer and businessman, has had a breakthrough after the PSL gave a seal of approval for the takeover.
Suzaki has been aiming to buy a Premier Division franchise – and failed in his attempts to take over Bloemfontein Celtic and Bidvest Wits two years ago.
“TS Galaxy Football Club is proud to officially announce the acquisition of the status of Premiership division club‚ Highlands Park FC‚” Galaxy’s statement read.
“The acquisition comes at the back of lengthy and delicate discussions, where a mutual agreement was finally reached by both parties which will see TS Galaxy Football Club campaigning in the Premier Division … as of the 2020/21 season.
“As a result, TS Galaxy FC’s status in the GladAfrica Championship has been sold back to its former holders, Cape Town All-Stars.”
Highlands Park FC is valued at R60-million, but officials are prepared to settle on R30-million, which means two of their big-name players have been excluded from the deal, hoping that their sale will make up for their total valuation of the franchise.
Highlands Park FC is the second Premiership franchise sold in the 2019-20 season, with Bidvest Wits were sold to Tshakhuma Tsha Madzivhandila FC (TTM).