The Bidvest Group is reportedly leading the race to take over as the main sponsor of the Premier Soccer League (PSL), offering R20 million in prize money to the league champions.

Last week Absa announced that they would not renew their sponsorship deal with the PSL, leaving the league to search for a new title sponsor.

According to a Sowetan report, Bidvest is the front-runner but betting company Betway is also in the discussion to secure the sponsorship deal.

If Bidvest does win the race, it’s expected that the group will offer the league championship winners R20m in prize money – R5m more than the R15m Absa sponsorship.

‘It looks like Bidvest will be the new sponsor for the league from next year, but don’t rule out Betway just yet,’ a source close to the situation told the Sowetan.

‘The deal is worth millions and Bidvest has offered more than what the other company has. Bidvest wants to sponsor the league, hence they are selling the club Wits. The team will be relocating to Venda once everything has been agreed.’

The sale of Wits looks to be one of the deciding factors around any deal but club chief executive Alan Fainman refused to comment.

The club are in talks with Tshakhuma Tsha Madzivhandila (TTM) and expected to relocate to Venda if the deal goes through. This will also start a mass exodus from the club with the likes of Thulani Hlatswayo, Buhle Mkhwanazi, Gift Motupa, Deon Hotto and Haashim Domingo all being linked with moves away.

This is a developing story which could hold many twists and turns before a final decision is made.