BB EGM to formalise Nyasa takeover
Nyasa Big Bullets is on the verge of starting a new lease of life as Saturday’s extraordinary general meeting (EGM) is set to endorse their sponsor, Nyasa Manufacturing Company’s takeover.
NMC last week accepted an offer to take over the domestic football powerhouse at nominal value.
This followed a resolution that was made by the team’s EGM held in Lilongwe on June 18 this year as part of the drive to turn the club into a commercial entity.
Bullets general secretary Albert Chigoga said all is set for the big meet.
“It is a very important meeting that provides the first step in transforming the team.
“High on the agenda will be the endorsement of transfer of ownership to NMC and once that is done, the two parties will sign a memorandum of understanding [MoU],” he said.
In a letter from NMC dated August 2 2017, co-signed by board chairperson Konrad Buckle and finance director Fleetwood Haiya and addressed to the club’s commercialisation steering committee chairperson, the cigarette manufacturing firm committed to accept the offer under some terms.
Among other terms, NMC committed to take over the team’s verified and confirmed debts and liabilities and that they shall be settled within six months. The club’s debt is now estimated to be in the excess of K150 million.
“NMC also commits to undertake the following proposed projects: (i) Acquire team bus within six months; (ii) Construct a team stadium of not less than 10 000-seater capacity and the project shall be initiated within five years,” reads part of the letter.
It has also committed to acquire a training ground [within a year] and three club houses—one in each region—complete with regional offices within three years.
NMC has further committed to allow other business partners to invest in the team, set up an academy within a year, list the People’s Team on stock exchange within five years “and offer at least 30 percent to any interested supporter, investor or general public in the spirit of sustainable goodwill to truly become the People’s Team”.
NMC further commits that supporters, through their appointed directors, will be part of the club even after the transfer of ownership.
