News / National
Bosso omitted ex-coach debt in its financials
3 hrs ago | Views
Highlanders chairman Kenneth Mhlophe has revealed that the club did not include its debt to former coach Baltemar Brito in its financial statements at the annual general meeting on January 26. This omission, Mhlophe explained, was due to an assurance from the club's sponsors that the debt would be cleared before the meeting.
Highlanders had been given until January 25 to settle the US$27,000 owed to Brito and his assistant, Antonio Joao Torres, to avoid a FIFA-imposed transfer ban. However, it was only after the deadline passed and public outrage erupted that millionaire businessman Wicknell Chivayo stepped in to bail out the club by clearing the debt. FIFA is now expected to lift the transfer freeze.
The situation angered club members and fans, who feared the transfer ban would leave Highlanders struggling to rebuild after the departure of key players like Marvelous Chigumira, Godfrey Makaruse, Peter Muduhwa, and Lynoth Chikuhwa. The club's inability to add new players threatened to derail its competitiveness, especially following the lackluster performance under Brito's tenure.
Brito, hired in 2022 on a US$10,000 monthly salary plus a US$1,000 winning bonus per match, failed to deliver results. Under his leadership, Highlanders endured one of their worst scoring seasons in 30 years, with the club's top scorer managing just three goals and the team netting a total of 24. Brito was owed US$14,778, while Torres was owed US$11,788 in allowances.
In an interview, Mhlophe admitted that the club had placed its trust in sponsors to settle the debt. "We engaged our sponsors over the issue. Going into the annual general meeting week, all appeared in place that the debt would have been paid, and we counted on their usual support," he said.
Highlanders' financial stability has been heavily reliant on the support of sponsors Sakunda and BetterBrands. Mhlophe expressed gratitude that Sakunda had reaffirmed its commitment to the club, while BetterBrands had pledged US$300,000 to cover first-team bonuses, though their overall involvement had been reduced.
"We are happy as a club that Sakunda and BetterBrands have promised to stay on board with us. This is sweet news. BetterBrands are ploughing US$300,000 into the first team," said Mhlophe.
On the club's mining venture in the mineral-rich Inyathi region, Mhlophe revealed that progress had stalled during the tenure of his predecessor, Johnfat Sibanda. Since resuming the project, the club has focused on completing the necessary paperwork, which has been submitted to the Ministry of Mines.
"The mining venture is capital intensive, requiring a lot of specialised machinery, financial outlay, and expertise. Going forward, the club is focused on securing investors. Our dream is to be self-sufficient, and the mine is one of the projects that could raise money for us," Mhlophe said.
He assured members that the club would seek reasonable terms in any mining partnership, aiming to secure a fair share of the proceeds while prioritizing its core focus on football.
With the debt crisis resolved and plans for future financial independence, Highlanders are now looking to stabilize and strengthen their position both on and off the pitch.
Highlanders had been given until January 25 to settle the US$27,000 owed to Brito and his assistant, Antonio Joao Torres, to avoid a FIFA-imposed transfer ban. However, it was only after the deadline passed and public outrage erupted that millionaire businessman Wicknell Chivayo stepped in to bail out the club by clearing the debt. FIFA is now expected to lift the transfer freeze.
The situation angered club members and fans, who feared the transfer ban would leave Highlanders struggling to rebuild after the departure of key players like Marvelous Chigumira, Godfrey Makaruse, Peter Muduhwa, and Lynoth Chikuhwa. The club's inability to add new players threatened to derail its competitiveness, especially following the lackluster performance under Brito's tenure.
Brito, hired in 2022 on a US$10,000 monthly salary plus a US$1,000 winning bonus per match, failed to deliver results. Under his leadership, Highlanders endured one of their worst scoring seasons in 30 years, with the club's top scorer managing just three goals and the team netting a total of 24. Brito was owed US$14,778, while Torres was owed US$11,788 in allowances.
In an interview, Mhlophe admitted that the club had placed its trust in sponsors to settle the debt. "We engaged our sponsors over the issue. Going into the annual general meeting week, all appeared in place that the debt would have been paid, and we counted on their usual support," he said.
"We are happy as a club that Sakunda and BetterBrands have promised to stay on board with us. This is sweet news. BetterBrands are ploughing US$300,000 into the first team," said Mhlophe.
On the club's mining venture in the mineral-rich Inyathi region, Mhlophe revealed that progress had stalled during the tenure of his predecessor, Johnfat Sibanda. Since resuming the project, the club has focused on completing the necessary paperwork, which has been submitted to the Ministry of Mines.
"The mining venture is capital intensive, requiring a lot of specialised machinery, financial outlay, and expertise. Going forward, the club is focused on securing investors. Our dream is to be self-sufficient, and the mine is one of the projects that could raise money for us," Mhlophe said.
He assured members that the club would seek reasonable terms in any mining partnership, aiming to secure a fair share of the proceeds while prioritizing its core focus on football.
With the debt crisis resolved and plans for future financial independence, Highlanders are now looking to stabilize and strengthen their position both on and off the pitch.
Source - The Chronicle
