Wits chairman Alan Fainman said in a statement that the reason for the delay, long after multiple media reports had touted the sale, and TTM had themselves announced the purchase of Wits, was that the official documents had not been signed.
"Bidvest and TTM have reached an agreement for next season subject to PSL EXCO approval regarding the sale of Bidvest Wits Football Club," read the full statement.
"The sale is a result of our shareholder's, Bidvest, decision to review their sports related sponsorships and brings to an end a 15 year long partnership.
BWFC Chairman Alan Fainman commented:
"Our people are important to us and we will treat them with respect and fairness in these challenging times. The sale of the club will not affect the players contracts in any way. With regards to the sale of the club and the manner in which it was announced to the public, I would like to re-iterate that at the time of the announcement, the deal had not yet been signed. Pen has now been put to paper between the new purchaser and Bidvest."
Bidvest Wits Football Club still have 9 PSL games remaining this season as well as the Nedbank Cup semi-final and possible final. The club would like to thank their staff, supporters and all the players for what they've achieved over many exciting years."
Wits head coach Gavin Hunt is likely to see out the 2019/20 season but has confirmed he will not remain at TTM in the 2020/21 campaign, while players like captain Thulani Hlatshwayo, midfielder Thabang Monare, goalkeeper Ricardo Goss, left back Sifiso Hlanto, defender Buhle Mkhwanazi and winger Deon Hotto are all set to leave the club.
Earlier on Wednesday, Wits University distanced themselves from the sale, putting out a statement where they said all their shares had been sold to Bidvest.
"Wits University has not had anything to do with the sale of Bidvest Wits Football Club," read the statement.
"Wits has sold its shares in the football club to Bidvest, our partner of close to 15 years, the proceeds of which will be invested in the Wits Student Endowment Fund."
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