Ingwe to become corporate entity, FOREAL
AFC Leopards’ management has revived plans to turn the football club into corporate entity.
According to club chairman Allan Kasavuli, the move is aimed at both instilling professionalism and ensuring financial stability of the institution in the long run.
“We have learnt some tough and valuable lessons in the recent past. The way forward for AFC Leopards and other sporting institutions in Kenya is to try embrace the tried and tested way of professionalism and investment,” Kasavuli told Nairobi News.
The roadmap of remodeling the institution will be tabled before its members for approval during the upcoming annual general meeting next month.
It will include the formation of a members SACCO and supporters trust, through which investment can be channeled into a Holding Company.
FAN BASE
The Forum for Restructuring AFC Leopards (FOREAL) will spearhead this initiative, which was launched by then Minister for Sports Ababu Namwamba in 2012.
“The big idea is to turn the massive 6 million memberships and fan base into shareholders or owners of the club they love,” FOREAL Champion in Chief Richard Ekhalie added.
If successful this ten-year plan could lead to the institution making an Initial Public Offering (IPO) at the Nairobi Stock Exchange in 2015.
In turn, the funds realised from this and similar other ventures will be used to put in place a youth academy, training ground and hostels and build a 30,000 seater stadium capable of hosting international matches.
Leopards is one of the popular local clubs to have been hit by a financial challenges.
Local politicians and well-wishers have donated close to a million shillings to the first team in the past month alone, in a bid to cushion the club which is on the verge of going bust barely two months since its main sponsor pulled out.