On Wednesday, DStv Premiership side Richard's Bay FC unveiled a brand new sponsorship deal to tune of R100 million. Here's a quick look at their new commercial partners Phakwe Group.
The story
The KwaZulu-Natal outfit have confirmed that they have partnered with South African energy giant Phakwe Group in a deal worth R60million over three years, per the SABC.
It was also reported that the contract includes a further R40 million over the three years, which will be used by the club to develop the community in Richards Bay, thus taking the value of the partnership to R100 million.
— Richards Bay FC (@RichardsBayFC_) July 10, 2024
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While the total value of sponsorship deals in the DStv Premiership are often undisclosed or underreported, South African football fans at least now know the numbers behind the deal, which is a norm across European football.
Phakwe Group are a well-established company in the South African business sector and the organisation has a footprint in across various sectors in including consulting, investments, petroleum, energy, aviation, property, engineering, and telecommunications.
With such a huge portfolio, Richards Bay seems to be putting the financial boost to good use already, as they also announced the arrival six new players including Keagan Allan, Siyethemba Sithebe, Fezile Gcaba, Sbani Khumalo, Thabiso Kutumela, and Tlakusani Mthethwa.
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— Richards Bay FC (@RichardsBayFC_) July 10, 2024
•Siyethemba Sithebe
•Keagan Allan
•Fezile Gcaba
•Sbani Mntungwa
•Thabiso Kutumela
•Tlakusani Mthethwa
Welcome Gents ??#NatalRichBoyZ #SoaringBackToRichardsBay pic.twitter.com/lqy884V45K
It's unclear whether Phakwe Group have previously sponsored a major football club before but there dealings in the KZN province are no secret to the public.
During the 2023 KZN State of the Province Address, Premier Nomusa Dube-Ncube said that a Phakwe RBGP facility would be established at the deepsea port in the province. This deal is estimated to be worth a gigantic R34 billion, according to the Richards Bay Industrial Development Zone
The founder and chairman of the Phakwe Group, Thabiso Tenyane is said to have over 30 years of experience in managing multibillion-rand global businesses and his company prides itself in the fact that it is 100% black-owned, according to Solar Power Africa.
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