Cape Town - Cricket South Africa will be detailing later on Friday "the way aheadamp;" for the intended Stellenbosch (Boland region) franchise in its T20 Global League - due to start in around three months - after the confirmed withdrawal of one of the two South African owners.
Brimstone, the investment company initially announced at the glitzy London launch as owners of the franchise - one of eight earmarked for the competition - have issued a statement confirming earlier reports that they had "quietly pulled outamp;" of the deal.
Sport24 attempted to contact them on Thursday, and in a follow-up inquiry on Friday Mustaq Brey, their co-founder and chief executive, said they had issued an overnight statement, which he then forwarded.
It reads: "Brimstone today announced that it will not be proceeding with the proposed acquisition of a T20 Global League franchise.
"The consortium led by Brimstone was announced as the successful bidder of the Stellenbosch/Paarl franchise by Cricket South Africa.
"Following the announcement in June this year, Brimstone continued its own internal process in regards to the proposed acquisition of the franchise. As a result of this process the company has decided not to proceed with this venture.amp;"
It then quoted Brey: "We follow a rigorous investment process. This venture had to undergo the same process and be tested against our standard investment criteria as all other investment proposals.
"Our investment decisions take cognisance of the risks and benefits to all our stakeholders. We wish CSA well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways.amp;"
In response, CSA's communications chief Altaaf Kazi said they would issue a release later on Friday "on the Brimstone issue and the way forward for the Stellenbosch franchise amp;hellip; the release will be self-explanatory.amp;"
Most of the investors in the franchises are Asian-based.
With Brimstone's confirmed pull-out, South African involvement is currently limited to one franchise - Pretoria - with Osman Osman of Blu Blood events management company (though the ownership has also since been described as an "SA consortiumamp;") the lone stake-holder from these shores.
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