This was intended to transfer 4,000 white farms, covering 110,000 km2 (42,470 mi2) of mostly prime farmland, to black ownership.
Cosby said he was not added as a token, to be a prominent symbol for a league without black ownership.
The South African government continues to exert pressure to increase black ownership of mining companies.
In 1990, that franchise, plus 20 state-owned breweries, was incorporated and returned to black ownership.
None of the country's biggest security concerns have any significant black ownership, a problem the industry acknowledges and that experts say must be addressed.
"It gives some in Congress the excuse not to promote black ownership."
"But people here are calling for black ownership, and we do see New Age Beverages as being a part of that."
Parts of some companies will be earmarked for black ownership, with loans from either banks or the government.
"Hip-hop was centered on retaining black ownership of black culture."
She also encouraged black ownership of land for those who remained in the South.