Nyasa Manufacturing Company (NMC) will not be able to take over ownership of the country football power house which they are currently sponsori, Nyasa Big Bullets, at least for now as the club’s board of trustees has blocked the move.
Bullets supporters have been pushing for the ownership to be transferred to Nyasa whose director Dimitri Kalaitzis expressed willingness to fully own the club.
The supporters hope that the takeover would lead into NMC constructing a stadium, a club house and further improve its financial situation.
But Bullets board of trustrees turned down the proposal during the club’s extraordinary general meeting (EGM) held in Lilongwe, arguing that it is impossible to change ownership because the club was registered under the Trustees Incorporation Act.
“Total ownership change is a non-starter,” declared board of trustees vice-secretary Victor Msowoya.
However, he said an agreement will be made at a later stage “where a certain percentage say 20 or 30 percent can be bought by any investor, but we are not particularly targeting to sell the shares to Nyasa.”
But l awyer Trouble Kalua has argued that it is possible to effect Bullets ownership takeover by changing its registration from a Trust to an entity or Limited Liability.
“It is not utterly impossible to transfer ownership. What is needed is that the club needs to deregister as a Trust because most of institutions registered under Trustees Incorporation Act are churches and charitable organisations.
“If deregistration has been effected then the club can be registered as a profit making institution either as an entity or a trust,” the lawyer said as quoted in the local press.