Be Forward Wanderers have embarked on reforms, including registering the club under a trusteeship.
Nomads chairperson Simon Sikwese on Thursday said the move will, for the first time, outline ownership structure at the oldest club in the land.
He said: “The current situation whereby the club is struggling financially has come as a wake-up call and [we need to] bring it back on course.
“Some of the things we are working on is to register the club. The process is underway and we are now identifying potential trustees of the registered entity.
“We will also focus on strengthening the reserve side of the team so that we nurture young talent and move away from reliance on buying players.”
Sikwese said they have received overwhelming support from all stakeholders, including supporters, former administrators, well-wishers and potential sponsors.
“Discussions with stakeholders are already underway. We want to come up with a clear structure that will make the club self-sustainable and attract potential partners and sponsors.”
Nomads main supporters committee chairperson Melvin Nkunika confirmed the ambitious drive, saying: “We need to move with times and realise that business as usual will not take us anywhere
“If we lay down proper structures, we should be able to successfully implement the Noma Yanga, Noma Yathu fundraising drive,” he said.
Football analyst George Kaudza Masina hailed Wanderers for the move, saying it is long overdue and the way forward.
He said: “Wanderers is a big brand which should not be in financial problems as is the case now.
“There present structure makes it unattractive for sponsors as it is seen as more of a one man band who happens to be a trust.
“With reforms, it will also put supporters in their rightful place. With a clear ownership and vision, this will be a backbone for commercialisation and bring back the Wanderers of old.”
However, Masina said as they embark on the reforms, Wanderers need to rework on their image and clear all outstanding issues at hand.