It’s now a done deal! Nyasa Big Bullets officials yesterday signed a memorandum of understanding (MoU), endorsing Nyasa Manufacturing Company’s (NMC) takeover.
After almost two months of working on the document by lawyers and officials from both sides, members of the club’s executive and main supporters committees yesterday put pen to paper.
Club general secretary (GS) Albert Chigoga and main supporters committee chairperson Stone Mwamadi, said yesterday the paperwork has been finalised.
He said: “Yes, I can confirm that the paperwork has been finalised as all the officials from the club’s side that were supposed to sign the document have done so.
“Among others, the club chairperson [Noel Lipipa], myself, main supporters committee chairpeson [Mwamadi], his deputy Chingeni Agumbara and secretary Mabvuto Chibambo have signed the MoU.
“So, in essence, the takeover process has now been finalised and the club is now in the hands of Nyasa Manufacturing Company.”
However, Chigoga said both the executive and main supporters committees will continue to operate until the end of the season.
“This has been done to ensure continuity,” he said.
Mwamadi also confirmed signing the MoU, saying: “What remained was for some of us to sign the MoU and having done that, it means the team has now been taken over by NMC.
“Since the team was formed in 1967, it has nothing to show for in spite of its success on the field and a huge following. Now it is time to hand it over to a grouping that can run it as a business entity,” he said.
However, Lipipa, NMC managing director Dimitri Kalaitzis and board chairperson Konrad Buckle could not be reached for comment yesterday.
There were reports earlier in the day that some members of the dissolved board of trustees were against the move, but the defunct board’s chairperson James Busilley and secretary Jim Kalua dismissed the reports.
Said Kalua: “We are there as parents and the process should not distract the operations of the team. As long as there are no loopholes then we are game. For now, let us concentrate on the team’s pursuit for the TNM Super League and the Fisd Challenge Cup.”
On his part, Busilley said: “The trusteeship was already dissolved, so what would be our interest? As far as I am concerned, it is a closed chapter and it is time to move on.”
But the club’s former chairperson Kondi Msungama said shortcuts were applied in the process.
“This club has millions of followers and I do not think an effort was made to reach out to all of them. Only a few individuals were involved and this is not the proper way of doing things.
“I also think the conditions for the takeover do not tally with the club’s status,” he said.
But Mwamadi dismissed the claims, saying: If he had reservations or concerns, why didn’t he attend the two EGM’s we had? He has no case at all.”
According to the MoU, NMC will take full control of the team for the first five years after which, they will list it on the Malawi Stock Exchange (MSE) and own 70 percent shares while the rest [30 percent], will be offered to any supporter, investor or general public.
A Bullets extraordinary general meeting (EGM) held in August this year, endorsed NMC takeover, on condition that among other things, it should take over liabilities and debts incurred by the team, purchase a team bus, acquire or construct a stadium, training ground with indoor facilities, three club houses (one in each region) and regional offices.
It also included setting up an academy, distributing 10 percent of the club shares to supporters at a nominal value, inclusion of directors appointed by the supporters in the board and allowing other partners to invest in the team.n