Platinum Stars have confirmed the sale of the club by the Royal Bafokeng Nation to new owners.
The sale was reported on as having gone through, but just needing Premier Soccer League ratification, by the Sunday Times this past weekend.
The sale, believed to be to a consortium of businessmen based in Stellenbosch, was confirmed in a press release issued by Platinum chairman Cliff Ramoroa on Wednesday evening, posted on the club's official Twitter page.
Stars also Tweeted that the new owners had agreed to keep the club based in Phokeng outside Rustenburg.
Ramoroa wrote: "It is with mixed feelings that we announce the sale and transfer of ownership of Platinum Stars Football Club with immediate effect.
"The decision to sell the club was not taken lightly and is one of the most difficult decisions that we have made in a long time.
" ... We have managed to provide entertainment at the highest level of South African football in the North-West Province and South Africa in general.
"The club also managed to collect silverware and carry our pride across Africa during its Confederation of African Football (Caf) Confederation Cup campaign.
"However, due to the ever-increasing socio-economic challenges and competition in top flight football, keeping the club afloat and cometitive has not been easy.
"To ensure that the legacy of the club continues, we decided to sell the club and give an opportunity to new owners with different expertise, new ideas and energy to take the club forward."
Stars won the Telkom Knockout on 2006 and in 2013 won both the MTN8 and the Telkom.
They competed in last season's Connfederation Cup, exiting in the group stage.
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