PSL clubs cash in big
Premiership clubs get R1 million each and the Iron Duke promises R3 million more
Christmas came early for PSL clubs and they will be smiling all the way to the bank. All the 16 Absa Premiership clubs are going to get R1 million each, an ex gratia service fee.
At the end of this month, they will get a further R3 million. And, as if their cash injection is insufficient, the participating sides will get another R4 million at the beginning of the new season in August.
This good news was broken at the league’s Board of Governors meeting this week.
PSL chairperson Irvin Khoza confirmed the windfall, saying it took the clubs by surprise.
“They didn’t see this coming and were all shocked,” said Khoza.
He said most of this money was coming from the savings the league had made.
Khoza said the money would go towards helping the clubs to implement the club licensing handbook.
“There is an issue of the adopted new handbook which was approved by Safa with regards to club licensing and intermediaries’ requirements. There would be a lot of expenses needed to implement these requirements. This ex gratia service fee is a set-up cost to enable clubs to implement this handbook.”
Khoza said some of the requirements in the handbook were administrative, financial, and for personnel and technical compliances. “Soon we will be working towards implementing the fit-and-mean test, which will test clubs’ sustainability. But I am happy that about 85% of the clubs are compliant, hence the league is so competitive because people are using this money wisely. For us to grow this league, we need to invest the money back in the clubs so as to improve the standard.” Khoza said clubs were getting in the region of R30 million each year, which included the R1.5 million monthly grants. He disclosed that National First Division (NFD) clubs would get a R175 000 ex gratia service fee. They would also get R500 000 at the end of the month and R1.5 million at the beginning of the season. He said the money clubs would get at the end of May was to help prepare for the preseason, buy players or even take tours if they so wished. Clubs, added Khoza, should use the other money in August as start-up capital for the new season. “This money goes a long way, especially in helping the newly promoted teams from the NFD as start-up capital. It goes a long way in helping them to get their footing.” He said the meeting also took a major decision after the NFD clubs decided not to pursue their proposal to be a stand-alone entity. He said this meant the status quo remained with regards to the NFD. “We will be working towards corporatisation of the league as we move towards a Pty. We should announce the new structure sometime in August.” Chippa United 0 0 Golden Arrows Free State Stars 1 1 Platinum Stars
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CHAIRPERSON Irvin Khoza announced a whopping cash windfall for PSL clubs