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It was one of the most controversial and unpopular deals that the post-apartheid government had entered into.
There had been other instances of whole or partial privatisation and commercialisation of state-owned enterprises, which had not gone down well with the left in the ANC, particularly the trade unions and the communists. However, government ploughed on through the resistance – and South Africa was the better for it.
The sale of a 51% stake to a private investor should therefore have been welcomed. The state would be rid of the financial burden of keeping the airline alive, new partners would bring in aviation experience, and expertise and jobs would be retained.
READ: SAA sale crashes and burns, after Gordhan decides to increase airline's value
But then the whole affair blew up in government’s face. It appeared that the choice of Takatso flew in the face of the transaction advisers, who had resigned by the time of the announcement.
There was the veil of secrecy around the deal. There was the fact that Takatso had only the promise of funding. Then there were controversies regarding Harrith (the main equity partner) and some of its leadership.
With all these questions swirling, it was strange that Public Enterprises Minister Pravin Gordhan stood firm, almost staking his entire legacy on pushing this deal through. As the matter dragged on, he even lost the political cover of the ANC, notorious for always standing by one of their own.
READ: ANC 'knives out for Gordhan' amid opposition calls for his head over SAA/Takatso deal controversy
The collapse of the deal, confirmed by both parties this week, was inevitable. Had it survived, there would always have been questions about how and why it had came about. It would have sullied Gordhan’s reputation through his adamance in pushing it through at all costs.
The task now is for the post-29 May administration to act decisively regarding SAA. Whatever the composition of the expected coalition government, a process must immediately be embarked on to relieve South African taxpayers of this albatross.
