Home   >   Sports   >   Football/Soccer   >   201204







Confirmed: Kotoko To Use League's Sponsorship Money To Pay Debt   
 
  << Prev  |  Next >>
 
02-Apr-2012  
Comments ( 0 )     Email    Print
       
 
 
 
Dr, K.K Sarpong
 
 
Related Stories
 
Executive Chairman of Asante Kotoko Dr. K.K Sarpong confirmed they will be using the league’s sponsorship money to pay off recently incurred debts.

The club is to pay whooping 99,000 Euros to former coach Hans Dieter Schmidt for his wrongful dismissal in 2005 within 30-days.

It is also to pay $6,500 in refunds to Turkish side Gencelrbirligi following the transfer of Adamu Mohammed back in 2008.

Kotoko in both instances incurred an extra combined cost of 12,000 Swiss Francs in legal charges.

But since the club is cash-strapped at the moment, it will be using its quota of sponsorship monies for participating in the 16-team league to lead payments of the debts.

“We have written to the Ghana FA to inform them of our decision to use the Glo sponsorship money to cushion the payment as we seek the rest from fund raising,” Dr. Sarpong said.

“We are printing annual report to tell the story of how much money was in our coffers, how it was spent etcetera.”

Failure to meet the deadline set by Fifa within the stipulated time could lead to the club’s relegation from the Ghanaian topflight.
 
 
Source: ghanasoccernet
 
 

Comments ( 0 ): Post Your Comments >>

 
 
 
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
 
 
Featured Video