According to a piece in City Press, the sports governing body’s finances have been sorted out and they have a solid sponsor on board.
The South African Sports Confederation and Olympic Committee (SASCOC) says it is in a healthy financial state.
This was according to SASCOC President Barry Hendricks, who was speaking at the organisation’s first general meeting of the year.
SASCOC says it is due to unveil a R66 million sponsorship from a partner that has been kept under wraps since the four-year deal was signed sometime last year.
“We have received R7 million already,” said Hendricks. “It’s meant to be R15 million a year.”
It’s unclear why the identity of the sponsor is being kept under wraps.
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The deal will see money directed towards supporting athletes through SASCOC’s Operation Excellence programme.
“Our finances are good, because we have managed to get a sponsor so that we can work with about R240 million over four years to service the national sports federations, as well as the athletes,” said Hendricks.
The high-performance unit has already started identifying athletes who qualify for support.
“Our financial position has improved,” said SASCOC CEO Nozipho Jafta. “We received an unqualified audit opinion for 2021/22. We’ll never go back to where we were three years ago. We are creating a positive outlook for the SASCOC brand for the public and the business alike. Businesses are now beginning to engage with us for possible partnership with Team SA.”