Blanckensee is the former PSL general manager and also worked at Orlando Pirates in 2017 as a consultant in administration during coach Kjell Jonevret's era.
"It is very sad because in one year's time it's a 100th anniversary of that club," Blanckensee tells snl24.com/kickoff.
"It's the first club to reach a hundred years. So for it to be to sold now, it would be very sad."
The football administrator's association with Wits goes back to his days as a player.
"I started at Wits as an under-19 player and then I was a coach in the junior section, and I just slowly worked my way through the club through both coaching and the administration," he recalls.
"Eventually I was on the SAFA executive committee, worked at the PSL, organised a World Cup... so ja, Wits was the foundation of my football career."