The Lions of the North have agreed to sell their status to GladAfrica Championship side TS Galaxy.
According to Kaftel, even though the PSL did not approve the sale on Monday, they are expecting it to happen this week.
"The deal is carrying on, definitely the deal is proceeding, I handed over the players on Monday morning to Tim Sukazi," Kaftel tells KickOff.com.
"The deal is proceeding and we are busy with the PSL, there's some bit of paperwork that they need, and that will be forthcoming in the next day or so. So I think we should resolve that soon.
"You know some of the reports and media have been disappointing, and have misrepresented the situation. The deal is 100 percent going to happen. There's no going back.
"Financially the deal gives us an opportunity to pay off our debts, and to take a break for two years and maybe return through a NFD status, but debt-free. We just ask for the supporters for their patience.
"You know this whole situation has been brought about by Covid-19. That's the reality, it affected the economy in this country. And we aren't able to generate the level of sponsorship from external parties that we need to balance the books.
"We would never be selling the club if it wasn't for Covid-19... we are a victim of Covid-19."
Co-director Sinky Mnisi has been against the sale of the club and even threatened to fight the move in court, having claimed other directors sold the club behind his back.
"As far as Mr [Sinky] Mnisi is concerned, we have an outstanding relationship. I love Sinky, and I will always be close to Sinky," Kaftel says.
"Yes, we can have different opinions, that's understandable. And ja, I'm meeting with Sinky on Thursday and we will definitely agree a way forward. I don't think we have a choice.
"It's not abnormal for football clubs to have high level of debts. Manchester United six years ago were drowning in debt. Yes, the PSL hasn't approved the sale yet but it is imminent and the process is continuing."
Kaftel also touched on the future of head coach Owen Da Gama.
"We couldn't release him, he was part of the sale agreement. So he would transfer to TS Galaxy. From our perspective, he goes with the players."
Da Gama is expected to be released from his contract as Galaxy look set to bring back Dan Malesela as head coach.