Accra, April 4, GNA - The turbulence that had engulfed Accra Great Olympics for over a year has now finally been swept beneath the carpet, as the feuding parties have agreed to settle the matter peacefully in the interest of the Club.
Consequently, the principal parties in the legal battle over the ownership and management of the Club on Wednesday, March 30, reached a settlement, which would be entered as consent judgment when they reappear in court on April 7.
Mr Perry Doku and Mr David Fugar, both Directors and Shareholders signed for and on behalf of the plaintiff; Accra Great Olympics, while Mr Ernest Apatu-Plange, Director and Shareholder and Mr Richard Oblitei Solomon, Special Adviser to the Interim Management Committee of the Club signed for and on behalf of the defendants.
Significant terms of the settlement include the appointment of an Interim Board of Directors with a one-year mandate (2005/2006 soccer season) to replace the former Board.
The new Board, which has a membership of seven and is chaired by Mr Amarkai Amartefio is charged with the supervision of an Interim Management Committee for the smooth running of the club. It is also to craft a mechanism within three months to float shares for interested buyers.
Other members of the Board are Mr Ernest Apatu-Plange, Vice Chairman, Mr Perry Doku, Member, Mr David Fugar, member; Mr Joshua Alabi, member; Mr R. O. Solomon, Member/Secretary and Mr Fred Pappoe, member.
After the floatation of shares, the shareholders shall constitute the ownership base that will appoint a Board of Directors in accordance with the requirements of the Companies Code of 1963, Act 179.
The terms of settlement also approved of the appointment of a seven member Interim Management Committee under the chairmanship of Mr Eric Afotey Odai, which will be in office for one football season, commencing from the 2005/2006 season.
Mr Charles Crabbe is head of Finance and Administration, while Mr Stephen Klu Adjei-Nmashie, Mr Alex Odoi and Mr Samuel Wellington are members. Other members are Mr Humphrey Williams and Nana Benyin Akorful, Nkosuohene of Saltpond.
Great Olympics, which was once the third force of Ghana soccer, plunged into crisis when some aggrieved stakeholders went to court over who had the right to appoint directors of the club.
The feud generated a serious division among the rank and file of the Club leading to lack of trust and commitment from some of the major backers.
The situation broke the ranks of the playing body as well and this resulted in the team performing below expectation in the just ended novelty league.