South Africa's most glamorous soccer club, Kaizer Chiefs, has put eight-year-old rumours of a possible stock market listing to bed.

Jessica Motaung, the club's marketing manager and its founder's daughter, said last week that the Amakhosi, as Kaizer Chiefs are affectionately called by fans, had put a listing "on the back burner".

Obliquely referring to the furore surrounding the American Malcolm Glazer's multimillion-pound takeover of Britain's Manchester United, she said: "We have seen what happened to other clubs and we do not want to be a casualty."

In 1997 the market was awash with stories that the club Kaizer Motaung founded in 1970 following his controversial split from now arch rivals Orlando Pirates would be the first local soccer listing. This would have put it in a camp with top European clubs such as Manchester United and AC Milan.

However, apart from the 1999 sale of a 40 percent stake to Primedia, the listed owner of radio stations including Radio 702 and Highveld Stereo, Motaung has kept control of the club he not only started but also played for and coached at various times.

The Chairman, as he is known, has loaded his top management team with family members and appears to be in no hurry to sell any more of the footballing machine that has won 79 trophies in the past 35 years.

The Amakhosi have an estimated 14 million fans and, even though they are based in Soweto, claim to be playing home games even when playing in Durban.

There is no doubt that, managed properly, there would be a huge take-up of its shares if Chiefs were ever to list but, until then, fans wanting to own their own piece of the team will need to buy Primedia shares. These, although not a bad buy in their own right, are nowhere near as much fun.

A recent survey by Markinor showed that 78 percent of South Africans say football is their favourite sport and that 36 percent of all South Africans rate Kaizer Chiefs as their favourite sports team.

In comparison, according to the same survey, Orlando Pirates (also known as the Mighty Buccaneers or Sea Robbers) are rated tops by 24 percent and Bafana Bafana by only 22 percent.

Outside of soccer, the national cricket team heads the list with only 13 percent while the Springboks come in with only 12 percent.

Mamelodi Sundowns, the team bought by mining billionaire Patrice Motsepe two years ago, is rated first by a mere 6 percent of those surveyed.

Despite this enormous popularity, Kaizer Chiefs' management is not resting in its drive to grow its business. Its sponsors include Vodacom, Nike, Standard Bank, Discovery Health and Nissan.

Apart from cash injections, the sponsors help with technical or product assistance, and Kaizer Chiefs has joint ventures with Hollard Life and the Zionist Church.

Speaking at the Gordon Institute of Business Science, Motaung said the club was re-evaluating the value of its brand (which was valued at over R400 million several years ago) and the cost of sponsorships would soon be "increased significantly".

The club would also be expanding in other areas - such as clothing, vuvuzelas, caps, flags and pins - but would be "careful not to overextend the brand".

She said the club planned to secure its grass roots support through the strengthening of its supporters' clubs and would try to attract affluent and white supporters through a series of initiatives, including upgrading the stadiums, and offering loyalty cards and hospitality options during games.

Despite all the emphasis on the business end of the club, it would not, Motaung said, lose sight of the need to continue accumulating silverware. "We are a big brand, but at the end of the day we are in the business of soccer."

This story appeared in the Business Report (www.businessreport.co.za) on Monday.