Absa Premiership

Comitis' sell Ajax shares

2013-07-02 10:16
George Comitis (Gallo)
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Cape Town - After an ongoing feud between the two families that own 49% of Ajax Cape Town, the Comitis brothers have made the decision to sell their shares in the club.

According to the Football411 website, CEO George and Honorary Life Chairperson John had been locked in a power struggle with co-owners the Efstathiou family that had threatened to dismantle the Cape Town club.

It was rumoured last year the Urban Warriors were set to be liquidated, however, majority shareholder Ajax Amsterdam intervened with a strongly worded statement insisting they would not allow that to happen.

The Comitis brothers decided it would be in the best interest of the club to either sell their shares or offer to purchase the Efstathious' stake, and the latter have now opted to take the Comitis brothers up on their offer to sell.

A statement from the brothers read:

"After a very tough season, where we fought hard until the end against the possibility of relegation, and successfully saved our PSL status for next season, one of the families had to take a positive step in putting their personal interests aside for the good of the club. We therefore decided to offer to sell our shares or to buy the shares held by the Efstathiou brothers, at the option of the Efstathious, at the same price, which was to us the only fair way to do it.

"Cape Town could not afford to lose its last PSL club and we could not allow family feuding to ruin Ajax CT and the relationship with Ajax Amsterdam, which we have nurtured and developed for over 12 years, since putting the deal together which brought Ajax to South Africa in the first place.

"The Efstathious have elected to accept our offer to sell our shares, rather than our offer to buy their shares, and we are happy either way that Ajax Cape Town is the winner, with the guidance of Ajax Amsterdam to count on. Our first prize was to remain on, but unless we took this bold step to make this offer, the wrangling would only have continued to harm the club into next season and beyond.

"With Muhsin (Ertugral) at the helm and the contacts we have already initiated during the off season for the strengthening of the squad, and which we willingly pass over to the new administration, we have every confidence that the club will bounce back and have a successful season."

Read more on:    ajax cape town  |  psl  |  cape town  |  soccer
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