BLOEMFONTEIN Celtic have been promised a R38 million cash injection over three years by a company known as Mkoena Group (Pty) Ltd.

It is understood that the sponsorship is worth R10m a year with an additional R8m on bonuses and other logistics to help the cash-strapped Free State outfit.

However, Celtic chairman Max Tshabalala and his CEO Khumbulani Konco have denied the cash strapped PSL club have secured a sponsorship from a Pietermaritzburg businessman.

SunSport has learnt that Lebohang Mokoena, owner of Mkoena Group which is involved in organising business events and logistics, has pledged R38m to sponsor Siwelele.

According to a source close to the sponsorship negotiations, the new Celtic sponsor could be unveiled before the end of this week, if not, on Friday 3 April.

“They plan on making the announcement on the weekend of a big match,” said our source while referring to Celtic’s Absa Premiership date with Kaizer Chiefs at the Dr Petrus Molemela Stadium on 5 April.

“This team has been doing extremely well and cannot be struggling to pay players, hence the Group came to their rescue.

“The R10-million sponsorship will help the club pay transfers, signing on fees and salaries. The first R10m will be paid in two instalments.”

However, when SunSport contacted both Tshabalala and Konco they denied knowing Mokoena and declined to comment other than to say they “did not know who this guy is.”

Celtic’s financial difficulties are well documented. SunSport reported last week that the club had not paid their technical team their February salaries.

Last season the players went on strike, refusing to train as they were not paid their salaries.

That led to the bitter separation with coach Steve Komphela, who blasted the club management before resigning in December 2018 to join Golden Arrows.

Former Celtic captains Lehlohonolo Seema and John Maduka assumed the coaching duties along with Simon Gopane in January last year.

The club also lost their MTN sponsorship said to be worth R20 million per season.

The financially troubled Tshabalala went as far as asking the PSL for a R3m loan to pay his players last season as the club went into financial meltdown.

It has also been reported that Tshabalala also owes the South Africa Reserve Services (Sars) tens of millions of rands.

Tshabalala put the club up for sale with an asking price of R40m, but potential buyers were put off by the fact they would have to settle the club’s debtors and Sars.

Two businessmen Sinky Leshabane and Moeketsi Mosola originally agreed to buy the club, but the deal fell through. That was partly due to the fact the new prospective owners would have to pay all Tshabalala’s debts including Sars.