Nyasa Big Bullets’ Extra-ordinary General Meeting (EGM) held in Lilongwe Sunday resolved to transfer the team’s 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 the ownership of the team and look for potential partners.
However, the process would take at least 60 days to give the Noel Lipipa-led administration time to deregister the trusteeship.
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.
It means that NMC has a massive advantage of controlling the team if they accept the proposal from the EGM. NMC’s representative refused to comment.
In an interview, Lipipa described the gathering as successful.
“We have resolved that the team should have owners. Nyasa Manufacturing Company will decide whether to have partners,” “Lipipa said after the EGM.
Bullets Legal Advisor, Yasin Domasi, said the resolution will be implemented after 60 days to pave way for further consultations.
“The 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,” Domasi said.
Bullets Supporters Committee General Secretary, Mabvuto Chibambo, said the resolutions from the meeting would be important to spur the club’s commercialisation.
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.
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