The Premier Soccer League (PSL) has approved the sale of cash-strapped Bloemfontein Celtic to Royal AM owner Shauwn Mkhize.
The much-beloved Free State outfit will now relocate to KwaZulu-Natal and be renamed Royal AM immediately as the 2021/22 DStv Premiership campaign takes to the whistle this coming weekend.
PSL chairperson Irvin Khoza revealed at a press conference on Tuesday that the executive committee took three days to discuss the matter from Friday, 13 August.
Celtic were understood to be in a dire state as their financial debt had gone beyond the R2 million mark, and Max Tshabalala, the current Celtic owner, was desperate to hand over the club to new leadership.
The approved deal brings an end to Celtic, a club that was founded by Norman Mathobisa and Victor Mahatane in 1969.
Royal AM, meanwhile, have sold their GladAfrica Championship status to Tshakhuma Tsha Madzivhandila (TTM) in Limpopo.
Tshakhuma Tsha Madzivhandila acquired the status of #GladAfricaChampionship outfit Royal AM on 13 August #SSDiski
— SuperSport Blitz (@SuperSportBlitz) August 17, 2021
TTM previously bought Bidvest Wits status last year. However, owner Masala Mulaudzi struggled to uphold the club financially and handed over the reins to Dr Abram Sello in under six months of top-flight football.
Sello brought stability to TTM, and the Limpopo-based club shocked the football fraternity by claiming the Nedbank Cup.
Ahead of the 2021/22 campaign, Sello has renamed the club to Marumo Gallants, with Royal AM now joining them in South Africa's top-flight after acquiring Celtic in a shocking turn of events.