The Sunday News
Mehluli Sibanda Senior Sports Reporter
DAVIES Ndumiso Sibanda, the Highlanders finance committee chairman believes the only way out of debt for the country’s oldest football club is to float shares in order to unlock the club’s value estimated at $20 million. Sibanda, who chairs a four-man finance committee said while there might be other solutions to extricate the club out of arrears, privatising it seems will be the best way to go.
Sibanda said the trust will own the entity where people can buy the shares, the thinking being that the trust will be owned by Highlanders, the football club. The business venture will then generate income for the football club. He pointed out that the legal as well as financial details of the proposed privatisation of the club will be worked out by the Highlanders experts in those fields.
Sibanda emphasised that everything should pass the constitutional, legal and financial tests. In what should be welcome news by the club’s membership, Sibanda highlighted that the way they are going to handle the privatisation will ensure that no single individual will ever own Highlanders, even those with little resources should be able to participate.
He also pointed out that they were aware that this being uncharted waters, some of the club’s members were afraid of taking the plunge and as such they will move with caution but with business prudence all the way, carrying everybody along.
With the process already underway, a presentation will be made to the club’s life members on 29 September before the proposal is taken through the constitutional processes of the club as guided by input from members.
On the club’s financial standing, Sibanda disclosed that Bosso were in a shaky state of affairs. The position has been made worse by the fines being imposed on the club in almost all their home matches for missiles thrown onto the pitch by their fans.
While talks with the club’s main sponsors BancABC were still going on, Sibanda pointed out that they were planning with their benefactors in mind but were aware that most institutions were struggling in the country and have to prepare for any eventuality.
“Our financial situation is very precarious at the moment, we are struggling to make ends meet, we are weighed down by statutory payments, we are struggling to pay winning bonuses, we have no working capital at all, all our gate takings are lost to fines, our debt is creeping to a million dollars, we are trying to arrest it by going this route.’’
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