Bidvest Wits weren't in financial trouble

Ex-Bidvest Wits CEO Jose Ferreira claims Bidvest Wits were not sold to Tshakhuma Tsha Madzivhandila (TTM) due to financial troubles.

 

Ferreira has given a peculiar explanation on the abrupt sale of the club saying it just no longer made sense for Bidvest to continue focusing on a football club any longer while pinning all of the blame on the pandemic. 

 

“It wasn’t the budget because [of the money] that is allocated every season,” Ferreira told the South African Football Journalists Association.

 

“If you get R10m you work with it and the following year if they said it’s R8m now, then you work with it. I don’t think finance was the issue at all. With the pandemic, there were many retrenchments. I think spending money on football didn’t make sense for Bidvest anymore.

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"I think the pandemic took its toll on the future of the club. I was involved in the process. I know Bidvest compensated the staff who lost their jobs handsomely.

 

“I think the quality of people who have been here will find little trouble in finding a job. Others will benefit from people leaving the club. It’s sad others won’t be together.”