Nyasa Big Bullets FC and Nyasa Manufacturing Company’s (NMC) lawyers have finalised preparing a memorandum of understanding (MoU) that will see the cigarette manufacturing firm taking over ownership of the People’s Team.
The club’s general secretary (GS) Albert Chigoga yesterday said lawyers representing the two parties have finalised the process—which includes transferring of ownership from trusteeship to NMC— and all that is left is putting pen to paper.
“All that is left now is the official signing ceremony which should take place any day, but everything has been finalised and both parties are happy,” he said.
Chigoga also disclosed that once the signing ceremony is done, both the executive and main supporters committee will be dissolved as was the case with the board of trustees.
He said it will now be up to NMC to decide on who will be running the affairs of the team.
The People’s Team GS said according to the agreement, 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”.
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 club, purchase a team bus, acquire or construct a stadium, training ground with indoor training 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 the supporters at a nominal value, inclusion of directors appointed by the supporters in the board and allowing other partners to invest in the team.
NMC accepted the conditions and committed to meet them within a period of between six months and five years.
NMC board chairperson Konrad Buckle said they are ready for the challenge.
“This is going to be a tough journey, but if we all persevere then only good things can happen,” he said.
Meanwhile, the eight-month tenure of the team’s interim executive committee led by Noel Lipipa, expires tomorrow but main supporters committee chairperson Stone Mwamadi said they will remain in charge until after the MoU is signed. n