RBS buy out Brookstone


RBS, which currently own 51 percent of the Tycoons, will acquire the remaining 49 percent of the shares from co-owners Larry Brookstone and Joe Mapfulagasha for an undisclosed amount.

Brookstone will relinquish his position as Managing Director, but will remain in the position until at least the end of 2008 to allow for a smooth transition to his as-yet-unnamed successor.

Commenting on the acquisition, chairman of RBS, Niall Carroll said: “This is a logical step for RBS to demonstrate its commitment to Platinum Stars in a sport that requires deep pockets to build sustainable success.

“Larry and Joe have built a robust platform and we are backing the players and technical team to ensure that they can fulfill their potential.

“While Larry (Brookstone) and Joe (Mapfulagasha) will no longer be shareholders, they have built a club of which we are all proud. We will continue to seek their advice and know that they will remain totally committed supporters of the team,” Carroll added.

Brookstone said that the decision to sell their shares had not been easy.

“The club has been our passion for many years, so selling our remaining shares has not been an easy decision for Joe (Mapfulagasha) and me. However, we are convinced that, for Platinum Stars to become a top five club on a sustainable basis, it needs a single, financially strong shareholder.

“RBS has a long term commitment to football and we have no doubt that Platinum Stars has a bright future.”