ModernGhana logo
21.09.2005 Football News

Kotoko Owe Over Six Billion Cedis

Listen to article

Reports available to AUTHENTIC KAPITAL SPORTS have it that Kumasi Asante Kotoko is indebted to the tune of over six billion cedis.The debt is an accumulation from the Slyvester Asare Owusu led IMC,the Major Lawrence Yaw Ampene Larson's administration as well as the recent management.

A co-opted member of the ruling IMT of the club mr. Afrifa Yamoa-Ponkoh in a telephone interview with Kapital radio from Tema before the club's GT Premier League game against Power F/C revealed that it is no secret that Kotoko is highly indebted to individuals and institutions in the country. He stressed that over the years Kotoko has resorted to borrowing to run the club which most of the time go with high interest rates.Kotoko owe one of the modern hotels in Kumasi, Crestal Rose Hotel,Cecero Guest House and the Kingsby Hotel in Accra.The club also is indebted to the Fosuaa Hotel and the Garden City Savings and Loans in Kumasi.

Mr Yamoah-Ponkoh said the current management is trying as much as possible to curtail the huge debt and has therefore stopped borrowing from Banks and institutions.The decision to stop contracting loans, according to him has compounded the financial problems of the team,since they know have to rely on the traditional means of raising funds which is the gate proceeds.

The gate proceeds,he lamented are not encouraging because of the unbelieverably low attendances at the gates in the teams recent games. Mr. Yamoah-Ponkoh added that it will be meaningless for anybody to pretend that that all is financially well with the Club. He however assured that pragmatic measure are being taken by the management to curb the trend and one of the sureset ways is for the management to stop contracting more loans.

The co-opted ITM member hinted that when the injured Coach of the club Karim Zito returns to the field after recovering from his injuries will not take the club back from stop-gape coach E.K Afranie. He said considering the rich experience Afranie has ahead of Zito it will not be prudent to replace him with Zito.Zito will therefore only assist Afranie on his full recovery and total return to the field.

ModernGhana Links

Join our Newsletter