Cape Town - Cricket South Africa (CSA) are confident that they have found a new owner for T20 Global League franchise, the Stellenbosch Monarchs.
The Monarchs were initially due to be run by South African company Brimstone Investment, but that deal fell south when owner Mustaq Brey pulled out, citing financial challenges as his reason.
Since then, the Monarchs have been run by CSA and at Sunday's player draft in Cape Town they picked their side with coach Stephen Fleming, captain Faf du Plessis and assistant coach Paul Adams making the decisions.
But, addressing media in Cape Town on Monday, CSA president Haroon Lorgat said he was confident of unveiling new owners imminently.
"The eighth owner will be announced shortly. We have been spoiled for choice in terms of suitors for that particular franchise, so there is no concern on our side that the Stellenbosch Monarchs will very shortly have an owner as well," a confident Lorgat said.
Lorgat would not confirm whether the new owners would be local or international, instead encouraging those in attendance to "watch this space", but he did reveal that there had been significant interest in the franchise since Brimstone pulled out.
"In a sense that was probably a blessing," he said of losing Brey's investment.
"We had a huge amount of interest from around the globe, including from South African outfits ... one in particular.
"it's disappointing that we didn't manage to conclude a deal with Brimstone but it's very understandable.
"It was a complex issue for them to be in and I think the easier option was probably better not to proceed."
The Monarchs will begin their T20 GL campaign against the Joburg Giants in paarl on November 4.
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Stellenbosch Monarchs squad:
Alex Hales (ENG), Tabraiz Shamsi, Wayne Parnell, Imad Wasim (PAK), Henry Davids, Mangaliso Mosehle, Wiaan Mulder, Justin Ontong, Ryan McLaren, Brendan Taylor (ZIM), Lizaad Williams, Jeewan Mendis (SRI), Rowan Richards, Craig Alexander, Grant Mokoena, Kyle Simmonds.