The City of Johannesburg faces a deepening governance crisis marked by political instability, administrative inefficiency, financial mismanagement, and deteriorating service delivery, with critical implications for the 2026 local government elections. Institutions such as City Power and Johannesburg Water have failed to fulfil their mandates due to corruption, mismanagement, and political interference. The Auditor-General of South Africa's 2023/24 report identifies major governance and financial management issues in the City of Johannesburg, including unauthorised expenditures of R2.67 billion due to weak internal controls and accountability mechanisms, worsened by ongoing irregular expenditures linked to non-compliance with supply chain management regulations enshrined in the MFMA. Coalition politics, cadre deployment, and frequent leadership changes have disrupted policy continuity and undermined municipal administration. These failures have manifested in collapsing infrastructure, persistent water and electricity shortages, deteriorating roads, inadequate waste management, and widespread citizen dissatisfaction, reflected in service delivery protests. Drawing on the dead horse theory and qualitative desktop research, including Auditor-General reports, policy analyses, and scholarly literature, this study critically examines the causes, manifestations, and implications of governance failure in Johannesburg. The findings highlight the interrelated nature of political instability, administrative incompetence, and financial mismanagement, which collectively reinforce a cycle of decline in the city. The study concludes by recommending programmatic political coalitions, professionalisation of municipal administration, strengthened financial oversight, infrastructure rehabilitation, and enhanced accountability and public participation to restore governance stability, improve service delivery, and rebuild public trust