Cricket South Africa (CSA) have confirmed that Brimstone Investment Corporation Limited is no longer interested in owning the Stellenbosch franchise in the inaugural T20 Global League.
CSA Chief Executive Haroon Lorgat admitted that he was looking forward to Brimstone's involvement in the T20 Global League, with the with the Brimstone-led consortium but added that he respected their decision to withdraw their interest.
"It would have been a huge honour and privilege to have had Brimstone on board but we understand their investment process limited them and we respect their decision," Lorgat said in a CSA press release.
Brimstone CEO Mustaq Brey 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 CSA well with the T20 Global League and will continue to support the development of, and access to, the sport in various other ways."
Following Brimstone's withdrawal, CSA are in the process of screening other interested parties from the initial shortlist of bidders.
While this process is underway, CSA will oversee the management of the Stellenbosch franchise.
"We are confident that the Stellenbosch franchise team will be ready for participation in the T20 Global League, which kicks off in November 2017," Lorgat continued.
"We are working full steam to be ready for any new owner to takeover and run the team without any delay.
"Looking ahead, the T20 Global League is progressing according to plan, with successful workshops held in Dubai with all of the Franchise Team Owners and then back at home with all our Members."
Nearly 400 players from 10 countries have shown interest in the T20 Global League, and the player draft is scheduled for August 26 and 27.