In a new twist, the Football Association of Malawi (FAM) has said Surestream Stadium [formerly MDC Stadium] will be advertised in order to give a chance to interested local investors to bid for the facility.
FAM president Walter Nyamilandu said: â€œIt is a legal requirement for the sale of the property to be advertised before the deal is finalised if a foreigner is interested in purchasing the property.
â€œThis will give a chance to interested local investors to bid.â€
Asked whether there is a possibility of Surestream Petroleum losing out on the deal should there be a higher bidder, the FAM boss said: â€œThey might decide to counter offer. It is a very transparent and competitive process.â€
However, the FAM president said so far, apart from Surestream he is not aware of any prospective bidder.
Nyamilandu also said the facility was valued at K115 million.
However, he could not be drawn to comment when the facility will be advertised.
Surestream Petroleum, who have already made a commitment to buy the facility, confirmed the development at the weekend.
The firmâ€™s director Chris Pitman, who is also the academy founder, said: â€œThe stadium purchase is progressing, but recent legislation means it has to be advertised for 21 days before it can be closed as I represent a foreign investor.â€
However, Pitman said they are still committed to buy the facility.
Surestream renovated the facility at K40 million after finding it in dilapidated state. FAM bought the facility at K22 million.