Nyasa Big Bullets\u2019 Extra-ordinary General Meeting (EGM) held in Lilongwe Sunday resolved to transfer the team\u2019s ownership to current sponsor Nyasa Manufacturing Company (NMC) in a bold step towards the commercialisation drive.<\/p>\n
Delegates to the EGM, which took place at Kumudzi Eco Centre, agreed unanimously that NMC should be given a chance to take over the ownership of the team and look for potential partners.<\/p>\n
However, the process would take at least 60 days to give the Noel Lipipa-led administration time to deregister the trusteeship.<\/p>\n
The delegates agreed that the new owners should also construct a stadium, a club house and a bus for the team within a specified time to as part of the deal.<\/p>\n
It means that NMC has a massive advantage of controlling the team if they accept the proposal from the EGM. NMC\u2019s representative refused to comment.<\/p>\n
In an interview, Lipipa described the gathering as successful.<\/p>\n
\u201cWe have resolved that the team should have owners. Nyasa Manufacturing Company will decide whether to have partners,\u201d \u201cLipipa said after the EGM.<\/p>\n
Bullets Legal Advisor, Yasin Domasi, said the resolution will be implemented after 60 days to pave way for further consultations.<\/p>\n
\u201cThe main resolution is that a trustee called Big Bullets will be dissolved after 60 days. We are moving towards having a limited company. The implication is that the Executive Committee will be suspended, trustees and the Supporters Committee will no longer be working,\u201d Domasi said.<\/p>\n
Bullets Supporters Committee General Secretary, Mabvuto Chibambo, said the resolutions from the meeting would be important to spur the club\u2019s commercialisation.<\/p>\n
Bullets and NMC signed a five-year K500 million sponsorship agreement last year, but the team is still in debts because it is unable to generate additional income due to lack of clear legal ownership.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nyasa Big Bullets\u2019 Extra-ordinary General Meeting (EGM) held in Lilongwe Sunday resolved to transfer the team\u2019s ownership to current sponsor Nyasa Manufacturing Company (NMC) in a bold step towards the commercialisation drive. Delegates to the EGM, which took place at Kumudzi Eco Centre, agreed unanimously that NMC should be given a chance to take over […]<\/p>\n","protected":false},"author":3,"featured_media":48569,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-48724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/48724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=48724"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/48724\/revisions"}],"predecessor-version":[{"id":48726,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/48724\/revisions\/48726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/48569"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=48724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=48724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=48724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}