R100m or R60m? Richards Bay FC boss makes clarification on new sponsor

Richards Bay FC chairman Sifiso ‘Jomo’ Biyela has made the clarification, breaking down the amount of money that the club recently received from the new sponsor Phakwe Gas.

The DStv Premiership club announced a significant financial boost on Thursday, with Phakwe Gas committing R100 million to the team. 

However, there was some confusion regarding the exact amount available to the club.

Biyela explained to the media after the launch that the deal is for three years. While the total sponsorship is R100 million, the club will receive R20 million per season, totalling R60 million over the three-year period. 

The remaining R40 million will be allocated towards other aspects of the sponsorship, such as infrastructure development.

JOMO BIYELA BREAKS DOWN NEW R100 MILLION SPONSORSHIP DEAL 

“R20 million per season goes straight to the sponsorship, which is R60 million [in three years], and R40 million is the amount we are going to utilise [on facilities],” said Biyela.

“I think we must clarify that before you say, I’m walking with R100 million. 

“It’s R20 million per season over three seasons. Three years, that’s R60 million, and then R40 million. We want to build facilities for us to train, a gym like our village.

“So, that’s what we want to do. That R40 million is for that.

“Once we are ready, he [Thabang Tenyane] and his company will do that for us, but it’s budgeted for us.

“But R20 million multiplied by three is going to the team. This means this year or this season, we get R20 million, another one next season, as well as the third season.”

Meanwhile, the club also announced the signings of Siyethemba Sithebe, Keagan Allan, Fezile Gcaba, Sbani Mntungwa, Thabiso Kutumela and Tlakusani Mthethwa.

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