Brimstone has pulled out of its deal with the Stellenbosch franchise in the T20 Global League.
The investment company was announced as one of the owners at the launch in London in June, but according to Sport24, Brimstone’s co-founder and chief executive, Mustaq Brey, released a statement notifying that they no longer wish to be a part of the inaugural event.
‘Brimstone today announced that it will not be proceeding with the proposed acquisition of a T20 Global League franchise,’ the statement said.
‘The consortium led by Brimstone was announced as the successful bidder of the Stellenbosch/Paarl franchise by Cricket South Africa.
‘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.
‘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 CSA well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways.’
It means South Africa’s involvement in the tournament is limited to one franchise, with Osman Osman of Blu Blood’s ownership of the Pretoria franchise the only South African company investing. Most are Asian-based, including Cape Town Knight Riders, with the leading shareholder in the company being Indian Bollywood star Shah Rukh Khan.
CSA is set to detail the plans for the Stellenbosch franchise – with Faf du Plessis as its marquee player – after the confirmed withdrawal.
The tournament is set to start in approximately three months’ time.
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