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Absa Premiership side Platinum Stars on Wednesday announced the sale and transfer of ownership of the club with immediate effect.

In a statement, the club said 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.

"The club has been part of the Royal Bafokeng Nation for the past 10 years. Through the club, we have managed to create development and employment opportunities for youngsters and other members of the Royal Bafokeng Nation.

"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," said the statement.

"However, due to the ever-increasing socio-economic challenges and competition in top flight football, keeping the club afloat and competitive 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.

"We are confident that the new owners of the club have the necessary expertise, passion for football and business acumen to continue from where we left. We have no doubt that they will rejuvenate the club and take it to greater heights," continued the statement.

"We would like to thank all the members of the Royal Bafokeng Nation and the loyal supporters of the club for their never-ending support over the years. They have remained committed to the Club through the good and bad times.

"We will cherish this support forever. We urge all of you to continue supporting your team and give the same support to the new owners of the Club in the same manner you have supported us. We also extend our gratitude to all the sponsors and partners who have teamed up with us over the years.

"Finally, we are happy to announce that the new owners have decided to keep the club in Phokeng and make Royal Bafokeng Sports Palace its home ground," conclude the statement.