Investors offered BB majority shares, Supporters to own 49%, Nyasa welcomes development
Nyasa Big Bullets FC will offer potential investors, including their sponsors Nyasa Manufacturing Company (NMC), a majority stake of 51 percent while supporters will take the remaining 49 percent in their drive to turn into a commercial entity.
Interim chairperson Noel Lipipa made the announcement yesterday during a press briefing held in Blantyre.
He said the proposal from some quarters for the sponsors to take over the club would not be ideal, saying the best way to go is to turn the commercialisation dream into reality.
“The board of trustees and supporters already endorsed the proposal and have given us the mandate to go ahead with the move and the first step will be to set up a committee comprising 10 people who will include entrepreneurs, some of the club’s former chairpersons and reputable lawyers to come up with a more logical and acceptable way of commercialising the club.
“The suggestion is that we should offer 51 percent shares to a maximum of seven major investors and each investor’s share will not exceed 25 percent and if Nyasa are interested, they will make an offer,” he said.
Responding to a question on whether the commercialisation drive is viable considering that the club is yet to assess the value of its assets, Lipipa said: “Of course, the only intangible assets that we currently have are the [27] players that are yet to be valued.
“But we will quantify the value of the players and the reason why we are coming up with a special committee, is to come up with ideas on how best we can attract potential investors. There are several suggestions that are being made, but it is the committee that will handle that.”
NMC board chairperson Konrad Buckle hailed the move, saying it is in line with their views.
“The only way forward for this team is to go commercial and run like a serious business entity; it has the potential.
“We are looking at investment and yes, we want to be part of this ambitious dream. So, this thing is workable, if you can have six or seven clever minds coming up with great ideas, they are going to come up with brilliant ideas. It is the best way to go and it is long overdue,” he said.
Commenting on whether Nyasa would be contented being offered part of the 51 percent shares meant for potential investors, Buckle said: “Absolutely. I do not want to own 51 percent shares, that would be a big responsibility.”
Trustees chairperson James Busile and main supporters committee chairperson Stone Mwamadi confirmed that the move has their blessings.
Said Mwamadi: “The executive committee explained to us about the long-term benefits of commercialising the club and we understood the need to take that path.”
Lawyer and former club chairperson Sunduzwayo Madise also said the way forward for football in Malawi is commercialisation.
“However, it has been tried before; so the critical question is where did we fail? That is what needs to be resolved, otherwise we will have another company that gets bundled out along the way.
“There is also need to tread carefully since there are one or two entities already registered. So, the interests of all stakeholders must be considered. For the team to survive today, people have contributed financially in the past. All these interests need to be taken on board,” he said.
