Ajax CT earlier confirmed the acquisition of the 51% majority stake held by their European partners, ending a 21-year relationship between the two clubs.
While The Urban Warriors, who look set for a renaming to Cape Town Stars, have not shed light on the reasons behind the deal, the Eredivisie club has explained its decision.
'AFC Ajax NV has reached an agreement for the sale of 51% of its shares in Ajax Cape Town to the minority shareholders. The transaction is set to be completed on or before October 1,' read a statement from the Netherlands.
'After the strategic reorientation, which was reported in February 2020 during the presentation of the half-year figures, Ajax concluded that the ambitions and results in Amsterdam are in too great a contrast to the development of the football market in South Africa.
'Ajax has expressed the ambition to reach the top of European football and in recent years the South African football market has not produced enough talent at the level that Ajax strives for.
'Moreover, Ajax does not see sufficient potential for the future. The club has shifted its focus to other markets. Ajax Amsterdam has been a 51% shareholder of Ajax Cape Town since 1999.'