CAPE TOWN - Brimstone announced on Friday 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.
Mustaq Brey, CEO of Brimstone said, “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 Cricket South Africa well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways.”
Brimstone is an investment holding company currently holding investments in the food, healthcare and financial services sectors.