Silver Strikers sponsors, Reserve Bank of Malawi (RBM), will recover the funds being used for Silver Stadium expansion from gate revenue, Nation on Sunday has learnt.
In the arrangement, RBM will pump in funds for the construction of an office block, merchandise shop, installation of electronic ticketing facilities and security features.
Once the project is completed, RBM will recover the funds through gate collections, according to RBM spokesperson Mbane Ngwira.
He also clarified on ownership, saying the investment is purely owned by the bank and not Silver Strikers as a club.
“The money that has been invested in the project will be recovered from gate revenue gradually. That is the plan. It is a self-financing project. We are working in phases to ensure the complete plan of the stadium is realised. The investment is owned and will be managed by RBM.”
He, however, said Silver Strikers are the beneficiaries of the project.
“Of course the expansion will indirectly benefit Silver Strikers as it will not only enhance gate revenue but also they will have a proper office to run the operations of the club. Not only that but in the past they did not have a place to sell their merchandise but upon completion of the project, they will now have a shop from where they can sell their sports apparel,” said Ngwira.
Silver general secretary Thabo Chakaka-Nyirenda admitted that in the short-term the project will affect them in relation to the recovery of the investment through gate revenue.
“But it is a necessary evil because eventually the club will benefit as revenue will increase greatly. For your information during games, 90 percent of the covered and VIP section do not pay. But upon completion of this project that will no longer be the situation as revenue will increase greatly. We also will be able to sell our products, our brands as we will have a shop. From this, you can see it is necessary sacrifice,” said Chakaka-Nyirenda.