Police in the Free State say the alleged Christmas Day assault at a holiday resort in Maselspoort is now an attempted murder investigation.
This is after the Senior State Prosecutor gave a directive to change the charge after additional information was received.
Footage of the alleged racist incident went viral on social media after men would not allow two black children to swim in the public pool.
The disturbing footage shows an adult violently choking a teenager before both of them ended up in the swimming pool.
Police Spokesperson Motansti Makhele says no arrests have yet been made.
It was earlier reported that the men were warned to appear in the Bloemfontein Magistrates Court on a date that is yet to be determined.
"Given this first information of crime which was received by the police at that time, the only charges which could be registered were Assault Common and Crimen Injuria.
"It was after obtaining these statements, the docket was presented to the senior state prosecutor who gave a directive that a charge can be changed to attempted murder given additional facts. The approach of the investigator in this regard as it’s the mandate of the police was to investigate in order to arrest and not to arrest and investigate thereafter."
Makhele says police did not downgrade the crime but were informed by the first statements obtained from the complainant.
"That was not the end of our investigation, hence the investigator continued to obtain more statements before the docket can be placed before the senior state prosecutor to give further directives as the one having such muscles to decide if after obtaining these additional statements a charge can be changed.
"The docket was received back from the senior state prosecutor with clear directives, the investigator is now working on these directives and we anticipate that the perpetrator or perpetrators will within no time be brought before a court of law to account for this incident."
Meanwhile, the non-profit organisation Black Forum South Africa said it would assist the two teenagers and their family if they wanted to take legal action.