Royal AM Deal Collapses After Payment Deadline Missed

(The Post News)– The deal that seemed poised to save Royal AM Football Club has officially fallen through after it was confirmed that the winning bidder failed to meet the required payment deadline.

SABC Sport reported on Thursday that the club had returned to training after a Durban businessman appeared to have secured a takeover. But in a surprising turn of events, the curator from the South African Revenue Service (SARS) disclosed that the takeover was not completed since the bidder had neglected to deposit the agreed-upon sum into the curator’s trust account prior to the deadline of 10:00 on March 27, 2025.

In a statement released Thursday night, the curator explained that Global Investments 0107 (Pty) Ltd, owned by Mageshpren Moodley and his well-known father, Chockalingam ‘Roy’ Moodley, the business that was declared the club’s victorious bidder, had not complied with the conditions of the selling agreement. It continued to explain that on 19 March 2025, Global Investments were notified they had successfully won the bid for the club and were given a three-day window to pay the agreed purchase price, minus a deposit, into the trust account of VZLR Inc., the curator’s legal representatives. Despite multiple demands for payment, the payment was not received by the 10:00 deadline on Thursday.

As a result, the curator confirmed that the agreement had been cancelled. “The curator bonis was left with no other option but to cancel the agreement with Global Investments, which election was communicated at approximately 10h30 today to the Offeror’s representatives,” the statement added.

The takeover deal had been expected to be reviewed by the Premier Soccer League (PSL) Executive Committee before final confirmation. However, with the collapse of the deal, the future of the KwaZulu-Natal-based club and its players remains uncertain.

A scheduled PSL Executive Committee meeting set for Thursday, which was supposed to discuss the club’s future, was also canceled following the curator’s announcement. The curator’s statement confirmed this, noting that the Executive Committee members were informed shortly after the cancellation.

Additionally, the curator made it clear that legal action could be pursued against Global Investments for damages caused by the breach. “The seller, as represented by the curator bonis, has reserved its rights to pursue appropriate legal redress against Global Investments for the damages occasioned as a result of the aforementioned breach,” the statement concluded. Fans and stakeholders are now waiting for further developments in the ongoing saga of Royal AM.