Nyasa Big Bullets’ debt has risen to K124 million with new players yet to receive their signing-on-fees.
Following the development, Bullets Executive Committee has called for an emergency Extra-ordinary General Meeting (EGM) set for Lilongwe on Sunday to review the club’s financial position.
Bullets General Secretary, Albert Chigoga, and Treasurer, Chifundo Makande, said the EGM will help them brainstorm on possible commercialisation ideas to rescue the team from collapse.
Makande said Bullets have been failing to service their debt which was at K106 million last season.
He blamed the closure of Kamuzu Stadium, the signing of new players and Club Licensing System requirements for contributing to the rise of the debt.
“Currently, we spend about K500,000 to play home games at Kalulu Stadium in Nchalo and Mulanje Park Stadium. Then we also spend K300,000 on game bonuses a week.
“Following the requirements of Club Licensing, we have two junior teams. It means on a weekly basis, we spend K300,000 on Bullets Reserves and K100,000 on Bullets Under-20. On salaries, we release K6 million monthly.
“Administration expenses are also estimated at over K1.1 million per month. So, we are spending K7 million monthly. Our sponsor, Nyasa Manufacturing Company [NMC], gives us K6 million monthly, which, unfortunately, is not enough to run the team. Therefore, officials always contribute to balance up the figures. We can no longer operate like this,” Makande said.
Makande said Bullets’ wage bill ballooned after signing new players while some players’ re-negotiated their contracts.
Chigoga said the financial position of the club has become precarious.
“There is one way out of this situation— a call for an EGM to collectively identify the solutions to the challenges. To be honest, NMC is doing a lot in terms of financial injection into the club. NMC consistently releases money every month to cater for the salaries of our players, technical staff and the administration,” he said.
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