Ajax Amsterdam have confirmed the sale of a 51% stake in the South African football team. The transaction will be completed on the first day of October 2020.
"After the strategic reorientation, which was reported in February 2020 during the presentation of the half-year figures, Ajax concluded that the ambitions and results in Amsterdam are in too great a contrast to the development of the football market in South Africa," read a statement from Ajax Amsterdam.
"Ajax has expressed the ambition to reach the top of European football and in recent years the South African football market has not produced enough talent at the level that Ajax strives for. Moreover, Ajax does not see sufficient potential for the future. The club has shifted its focus to other markets. Ajax Amsterdam has been a 51% shareholder of Ajax Cape Town since 1999."
Cape Town Stars, who are the minority shareholder of Ajax Cape Town, have agreed to take control of the franchise.
"Cape Town Stars, the 49% shareholder of Ajax Cape Town, is pleased to announce that they have reached an agreement to acquire the 51% share of the GladAfrica Championship franchise from Ajax Amsterdam with effect from October 1," the club said in a statement.
"After 21 years of partnership with their Dutch counterparts, Cape Town Stars will be acquiring full control of the South African club. Cape Town Stars will shortly be in a position to advise on the way forward with regards to the future of the franchise."
Ajax Cape Town failed to gain promotion to the South African Premiership earlier this year.