Swallows were relegated to the ABC Motsepe League at the end of last season, the second time in two seasons the club had dropped a division.
But with a new consortium in charge, led by Gauteng MEC for Education Panyaza Lesufi, the club is aiming to stabilise their finances and possibly buy their way back into the big-time.
“We have entered into two crucial discussions and are in the final leg with a team in the NFD and one in the PSL about selling their status,” Lesufi told EWN on Tuesday.
Lesufi did not reveal who the clubs were, but snl24.com/kickoff has previously reported that Swallows were in talks with Chippa United to buy their top-flight status, while there have been whispers about Free State Stars and Highlands Park.
Lesufi admits The Birds are “millions” in debt and owe players and technical team members unpaid salaries, but says they are working to resolve this.
“I can boldly declare that we've managed to take the club out its problems, we have a clean balance sheet and bank account,” he said.
“We understand who we owe and made commitments with those we owe and entered discussions with those we couldn't agree with.
“I can declare that the debt is huge, it’s massive. It’s a debt that goes into a couple of million [of Rands]. Players are owed huge salaries and signing-on fees. The technical team hasn't been paid. Those are debts carried on.”
Swallows are one of the grand-old names of South African football having been formed in 1947.
But the club suffered the first relegation in their history at the end of the 2014/15 PSL season and that was followed swiftly by relegation from the NFD in the last campaign.