Bullets yet to formalise Nyasa takeover
Nyasa Big Bullets commercialisation committee chairperson Noel Lipipa has said sponsors Nyasa Manufacturing Company (NMC) are yet to take over the club because the club is still looking at some legal issues.
Lipipa, who is also the club’s chairperson, yesterday said: “We need to do some paperwork and ensure that we close all loopholes for the good of the team.
“It is important that we come up with an arrangement that best suits the team so that in future no one messes up with the team, including Nyasa itself.
“So, there are still some consultations going on with a number of stakeholders, including our lawyers.”
At an extraordinary general meeting (EGM) held last Sunday, delegates unanimously endorsed NMC takeover
Lipipa told the meeting was for the club to be deregistered as a trusteeship and be registered as a business entity.
“The other thing is that we will sign the takeover agreement with Nyasa and that arrangement will be communicated to you later,” he said.
In an interview, the cigarette manufacturing company’s board chairperson Konrad Buckle said: “This is going to be a tough journey, but if we all persevere then only good things can happen.”
NMC accepted an offer to take over the domestic football powerhouse at nominal value following a resolution made by the EGM in Lilongwe on June 18 this year.
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 excess of K120 million.
“NMC also commits to undertake the following proposed projects: (i) Acquire a team bus within six months; (ii) Construct a stadium of not less than 10 000 seater 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.” n
