Cricket South Africa’s maiden entry into the international T20 tournament arena has hit a major snag.
The Cape Town-based investment company Brimstone has withdrawn from the tournament and the Stellenbosch/Paarl franchise will now be without an owner.
Brimstone was one of two SA companies who made successful bids for the franchises on offer by Cricket South Africa.
On Friday morning, Brimstone announced it was not proceeding with the proposed acquisition of the T20 Global League franchise.
The statement read: ‘Following the announcement in June this year, Brimstone continued its own internal process in regards to the proposed acquisition of the franchise.
‘As a result of this process, the Company has decided not to proceed with this venture.’
Mustaq Brey, CEO of Brimstone said, “We follow a rigorous investment process. This venture had to undergo the same process and be tested against our standard investment criteria as all other investment proposals.
“Our investment decisions take cognisance of the risks and benefits to all our stakeholders.
“We wish Cricket South Africa well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways.” – African News Agency (ANA)
