Be Forward Wanderers have reportedly reduced their K50 million debt to K1.5 million, following measures which the Executive Committee and trustees undertook in the last two years.
Speaking during an elective Annual General Meeting (AGM) held in Blantyre on Sunday, Wanderers’ Board of Trustees’ Chairperson, Rashid Gaffar, said the previous committee was heading for a crisis due to the debt.
He added that the debt was haunting them as the club was, at times, struggling to pay players on time.
“We, therefore, discussed with the bank [name withheld] to stop charging us interest so that we could repay the loan. So, within two years, we have managed to reduce it to K1.5 million.
“The sponsorship we get from Be Forward is good. But to be honest, money will never be enough. As trustees, when the Executive Committee asked us if they could sell the coaster so as to settle some bills, we did not object,” Gaffar said.
However, the latest reduction in debt excludes the money (estimated at K30 million) which Wanderers borrowed to meet expenses of competing in the Caf Champions League where they were eliminated by the Democratic Republic of Congo side, AS Vita.
During the AGM, delegates also adopted the change in tenure of office from two to three years with effect from 2020.
Meanwhile, Wanderers General Secretary, Mike Butao, has said they would put in place strategies to commercialise the team.
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