South African Billionaire Set To Become CAF President

Patrice Motsepe, a South African billionaire, is close to becoming the Confederation of African Football (CAF) president today, reports BBC.

Barring any last-minute changes, Mr. Motsepe, owner of former CAF Champions League winners, Mamelodi Sundowns, who have won a record 10 South African Premier Soccer League titles, will run unopposed in the elections billed for Morocco.

Other contestants had already stepped down.

Mr. Patrice Motsepe will replace incumbent Ahmad Ahmad from Madagascar, barred from contesting today’s election by the Court of Arbitration for Sports following corruption allegations.

According to the BBC, Mr. Ahmad got a reduced two-year ban from an initial five-year ban, and a 50,000 Swiss Francs reduced fine from an initial CHF 200,000 by the FIFA Independent Ethics Committee last year.

CAS, after a thorough investigation, found the Madagascan “guilty of not recording various financial transactions, accepting cash payments, distributing gifts and misappropriation of CAF’s funds to help finance certain federation presidents for their pilgrimages to Mecca.”

Motsepe, named Africa’s ninth-richest person by Forbes magazine, is one of South Africa’s first black billionaires who became a billionaire in 2008, with Forbes calling him the first African to do so.

Motsepe, the founder and chairman of African Rainbow Minerals in 1994, established his mining company.

Years later, during the period of the slump in prices of the gold market, and due to the favourable price at that point, he started buying low-producing gold mines that eventually became highly profitable.

Born on 28 January 1962, he was trained by his father as an entrepreneur while a student.

He bagged a degree in mining and business law from Johannesburg’s University of the Witwatersrand. According to the BBC, Patrice Motsepe, whose estimated net worth is $3 billion (£2.15 billion), is a mining magnate, investor, and philanthropist.

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