The former Santos coach had a running contract with Umlilo and when they folded, he moved back to Botswana and joined Gaborone United.
Reports from across the border say that the new owner, purported to be Uitenhage businessman Butityi Konki, has bought the club, including the personnel still contracted to it.
This means that Bright's contract with Bay, which still has two years to run, has now become valid again and as such, is already on his way back to Port Elizabeth.
The change of ownership also throws up the possibility that two Botswana players, Pontsho Moloi and Noah Maposa could be recalled by Bay United although their loan deals ended at the end of the season.
The pair featured for Umlilo last season on loan from Botswana's Mochudi Centre Chiefs.
However, Moloi tells Mmegi Online that he is still in the dark concerning his fate. "I don't know anything about that, but I only heard that Bright has gone back to South Africa. In any case, our loan deals with Bay United have expired," he said.
Gaberone United have confirmed they are searching for a coach after Bright's departure.
"When he (Bright) joined us he had a two-year contract with them (Bay United) and when they went into liquidation, he came home and joined us.
"They (the new owners) have since contacted us and said they want him back. There's nothing we can do unless we buy him out of his contract," said GU secretary, Kagiso Sebele.