Reserve Bank of Malawi (RBM) has increased Silver Strikers’ annual sponsorship from K65 million to K100 million.
The club’s interim general secretary Thabo Chakaka-Nyirenda confirmed the development in an interview on Thursday in Lilongwe.
However, though the sponsorship is at K100 million, former general secretary Madalitso Madzombwe said the club might not enjoy it fully since it has already blown K90 million to settle outstanding debts.
“The club owed individuals lots of money and when RBM released K54 million as the first tranche of sponsorship at the start of the season, the money was used in repaying loans. Recently, the club got another K40 million but the money again is already spent,” claimed Madzombwe, who was relieved of his post last month.
Though the club has refuted his claims, Madzombwe insisted that because of delay in releasing sponsorship money by RBM, the club borrowed money on interest from individuals to fulfil fixtures or meet players’ welfare.
“I was part of the club and I know how we operated. At one time, we had to go to Sacco to borrow money using an account belonging to an individual,” he claimed.
But Silver chairperson Ralph Tseka said the club has not exhausted the sponsorship.
“How is the club functioning? How are we fulfilling our fixtures? Just watch it. We will continue fulfilling our fixtures for the whole season,” said Tseka in an email response.
However, he refused to explain how the sponsorship money has been disbursed.
“As for the disbursement tranches, I cannot give you that information.
“I cannot discuss our club finances in the press. Suffice to say that we have [enough] funds to run the club for the whole season,” he said.