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Ajax Amsterdam has sold its 51 percent stake in Ajax Cape Town to 49 percent of the shareholders, Cape Town Stars, ending a 21-year joint ownership of the club.
This follows Ajax Cape Town’s failure for the second consecutive season to win promotion to the Premiership of the GladAfrica Championship (First Division).
Ajax Amsterdam, which has long been known to be dissatisfied with the progress of its Cape satellite, said in a statement that the sale comes after “the South African soccer market has not produced enough talent to the level that Ajax seeks “.
Ajax Cape Town announced in a statement Monday evening: “Cape Town Stars, the minority shareholder of Ajax Cape Town, has reached an agreement to take control of the franchise.
Cape Town Stars, 49 percent of Ajax Cape Town shareholders, are pleased to announce that they have reached an agreement to acquire a 51% stake in the GladAfrica Championship franchise from Ajax Amsterdam with effect from 1 October .
“After 21 years of association with the Dutch counterparts, Cape Town Stars will acquire full control of the South African club. Cape Town Stars will shortly be able to advise on the way forward regarding the future of the franchise. “
The Dutch parent club said in its own statement that Ajax Amsterdam will shift its focus to other markets.
“AFC Ajax NV has reached an agreement to sell 51% of its shares in Ajax Cape Town to minority shareholders.
“The transaction is scheduled to be completed on or before October 1,” the Ajax Amsterdam statement read.
“After the strategic reorientation, which was reported in February 2020 during the presentation of the semi-annual figures, Ajax concluded that the ambitions and results in Amsterdam contrast too much with the development of the football market in South Africa.
“Ajax have expressed ambition to rise to the top of European football and in recent years the South African football market has not produced enough talent at the level Ajax is looking for.
Also, Ajax doesn’t see enough potential for the future.
“The club has shifted its focus to other markets. Ajax Amsterdam has been a 51% shareholder of Ajax Cape Town since 1999. “
Ajax Amsterdam launched Ajax Cape Town in association with Seven Stars owner Rob Moore and Cape Town Spurs owner John Comitis.
Comitis, now the owner of Cape Town, was ousted in a well-documented power struggle for control of the club with his brother-in-law Ari Efstathiou, through lengthy court battles, in 2013.
Ajax Cape Town president Ari Efstathiou could not be reached for comment.
