There are currently no live PSL matches on SuperSport or SABC due to the national lockdown, which has now been extended to 35 days and will end on April 30.
Kaftel says most sponsors will not be willing to pay their contributions anymore as they are not getting any exposure for their products.
"I'm saying that is a risk. It's not a fact, I'm just saying that's the risk," Kaftel tells snl24.com/kickoff.
"We have good sponsors out there, and you know if they are not getting a return on their investment they are not going to want to carry on paying sponsorships.
"Obviously the sponsors rely on the TV exposure. Right now there is no TV exposure because we are not playing. So that is the risk.
"I'm not saying that sponsors don't want to pay, I'm saying any sponsors out there are basically paying to have their name on TV. If there is no TV out there, sponsorship will be under pressure. There will be a risk associated."
Asked if losing sponsors at this stage would affect clubs' abilities to pay their players and staff their salaries, Kaftel was evasive.
"In business you need to try and look ahead, whether it's a football business or any business you need to try and think forward. You can't just do nothing and work for today," he says.
"Right now we are in a lockdown, I mean our players are at home, no one is training. We don't know if the lockdown will end, we don't know if it will be extended.
"We believe the State President has done a fantastic job in keeping our people safe. But where we stand now, we are not sure. Obviously there's no economic certainty. There's economic uncertainty."