Official: Nyasa Manufacturing Company takes over Bullets FC ownership

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It’s done and dusted. Nyasa Manufacturing Company has officially taken over ownership of one of the biggest teams in Malawi.

There were doubts that the deal  would not materialize after it was reported that some section of dissolved members in the Board of Trustees were refusing to sign on the dotted line to officially hand over Big Bullets FC to the cigarettes manufacturing company.

Bullets FC

Taken!

However, the interim executive committee led by Owen Lipipa and the supporters committee led by Stone Mwamadi went ahead to finalize the deal to officially hand over the team to NMC.

General Secretary for the club Albert Chigoga confirmed the development in an exclusive interview with Malawi24 saying he was surprised with the behavior of the said members of the dissolved Board of Trustees as they voluntarily dissolved their board and gave mandate to Lipipa to steer the commercialization process.

“Yes, all the paper work has been done and we are just waiting for the lawyers representing both parties to officially change the ownership at the office of the registrar. I was surprised with what some members from the dissolved Board of Trustees were doing because the Extra Ordinary General Meeting which we had on 18th June 2017, gave mandate to the interim Chairman Noel Lipipa to form a committee to spearhead the commercialization drive.

“Now, after reaching to the very end of the whole process, the said members labelled it unconstitutional, what were they talking about? The mandate was given by the Board of Trustees who dissolved their committee, are they just trying to bring confusion? Wondered Chigoga.

The latest development will see NMC paying debts amounting to K115 million within 6 months, building a stadium, building a village for the club as well as inheriting the club from the current owners.

NMC has already purchased a state of the art bus which is currently in South Africa and is expected into the country this following the completion of the process.

It has also been reported that NMC will list Bullets Football Club on Malawi Stock Exchange within the next five years and at least 30 percent of the shares will be offered to any interested supporter, investor or general public.

The team was initially in the hand of supporters but following NMC’ takeover, the former will no longer be operating at the club.

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