Nyasa Big Bullets have spent K276 million in two years from the sponsorship deal the team signed with Nyasa Manufacturing Company (NMC) in 2015.<\/p>\n
Bullets and NMC signed a K500 million five-year sponsorship agreement, but with just seven games into the new season, the team has K99 million only remaining.<\/p>\n
According to the agreement, the club gets K100 million annually, of which K75 million is in cash with K25 million supposed to come from the sale of merchandise.<\/p>\n
This was disclosed during the club\u2019s Extra-ordinary General Meeting (EGM) held at Kumudzi Eco Centre in Lilongwe over the weekend.<\/p>\n
The new development means that Bullets need to raise at least K170 million to supplement the sponsorship for the next two years.<\/p>\n
During the Lilongwe meeting, delegates agreed to transfer the team\u2019s ownership to NMC as the first step towards commercialisation.<\/p>\n
The meeting also agreed that after 60 days, the process of de-registering the trusteeship be finalised to pave way for the complete take over.<\/p>\n
In an interview in Lilongwe, Bullets\u2019 Board of Trustees General Secretary, Jim Kalua, said the rise in expenditure was as a result of players\u2019 signing-on fees and other debt.<\/p>\n
\u201cThe steering committee will come up with a document with 10 days. The document will be sent to all potential investors. With these financial problems, it is really important that we get partners [on board].<\/p>\n
\u201cCommercialisation in a transparent manner is the only way and we will make sure that transition should be smooth for potential investors who will show interest in the team,\u201d Kalua said yesterday.<\/p>\n
Within two months, the steering committee will come up with conditions for the would-be investors, including construction of a stadium, club house and buying a bus.<\/p>\n
NMC have been given a chance to take over the team\u2019s ownership and look for other partners.<\/p>\n
The Lilongwe meeting also empowered Executive Committee Chairperson, Noel Lipipa, to lead the steering committee to finalise the take over and commercialisation.<\/p>\n
After the meeting, Lipipa said the supporters have voted that NMC should take over.<\/p>\n
\u201cWe have agreed that the team must be commercialised. We should have the owner and the supporters have voted for NMC because they have already shown interest [in the team], hence they should be given a chance to own the team,\u201d<\/p>\n
Lipipa said.<\/p>\n
NMC officials could not be reached for their comment on the proposed takeover.<\/p>\n
During the meeting, it was disclosed that NMC spend K7 million monthly on players and officials\u2019 salaries.<\/p>\n
Bullets are being haunted by huge debts estimated at K124 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nyasa Big Bullets have spent K276 million in two years from the sponsorship deal the team signed with Nyasa Manufacturing Company (NMC) in 2015. Bullets and NMC signed a K500 million five-year sponsorship agreement, but with just seven games into the new season, the team has K99 million only remaining. According to the agreement, the […]<\/p>\n","protected":false},"author":3,"featured_media":41596,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-48807","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\/48807","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=48807"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/48807\/revisions"}],"predecessor-version":[{"id":48809,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/48807\/revisions\/48809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/41596"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=48807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=48807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=48807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}