News / National
CAPS United's $4.3m fool's gold
2 hrs ago |
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Zimbabwean football's reliance on sponsorship has once again been thrust into the spotlight following a controversial deal involving CAPS United. The club announced a US$4.3 million, three-year partnership with a company called Green Dollar Coin, promising annual payments of US$1.2 million, performance bonuses, US$100,000 for activation, and two new buses.
On paper, the deal appeared to secure player welfare, infrastructure, and youth development. CAPS CEO Morton Dodzo described it as a transformative agreement. "We still have confidence and we still believe the sponsor will fulfil all the terms of the contract. So far so good," he said.
However, doubts emerged immediately. At the launch, sponsor Noel Mavura introduced himself as president of the "Green Dollar Development Bank" in Lesotho. The Central Bank of Lesotho denied the existence of such an institution, warning against unlicensed operators. Subsequent inquiries revealed inconsistent claims: the entity was also described as a UK-based cryptocurrency backed by gold and diamonds, and a shadow lender operating under the name Goldenbag Finance in Harare.
When approached for clarification, CAPS management insisted the deal was strictly with Green Dollar Coin, a cryptocurrency outfit, and not the non-existent Lesotho bank. Dodzo said Mavura held shares in a separate entity in Eswatini, but this was unrelated to the sponsorship.
Zimbabwe's Reserve Bank confirmed that Green Dollar is not registered as a bank or microfinance institution in the country, leaving its legitimacy in question. Observers noted the deletion of the livestream of the sponsorship unveiling from CAPS' and Green Dollar's pages as an additional red flag.
The situation recalls past sponsorship failures, including a 2015 deal with South African start-up Zing that collapsed within a month. For a league where other clubs, such as Scottland and FC Platinum, enjoy strong backing from mining companies and corporations, the Green Machine risks appearing desperate.
The episode underscores the broader challenges of Zimbabwean football: cash-strapped clubs navigating a sponsorship "gold rush" where promises of support may mask unstable or fraudulent deals. CAPS United's fans now hope that the deal with Green Dollar Coin is more than a mirage, and that the club has not fallen for another costly misstep.
On paper, the deal appeared to secure player welfare, infrastructure, and youth development. CAPS CEO Morton Dodzo described it as a transformative agreement. "We still have confidence and we still believe the sponsor will fulfil all the terms of the contract. So far so good," he said.
However, doubts emerged immediately. At the launch, sponsor Noel Mavura introduced himself as president of the "Green Dollar Development Bank" in Lesotho. The Central Bank of Lesotho denied the existence of such an institution, warning against unlicensed operators. Subsequent inquiries revealed inconsistent claims: the entity was also described as a UK-based cryptocurrency backed by gold and diamonds, and a shadow lender operating under the name Goldenbag Finance in Harare.
When approached for clarification, CAPS management insisted the deal was strictly with Green Dollar Coin, a cryptocurrency outfit, and not the non-existent Lesotho bank. Dodzo said Mavura held shares in a separate entity in Eswatini, but this was unrelated to the sponsorship.
Zimbabwe's Reserve Bank confirmed that Green Dollar is not registered as a bank or microfinance institution in the country, leaving its legitimacy in question. Observers noted the deletion of the livestream of the sponsorship unveiling from CAPS' and Green Dollar's pages as an additional red flag.
The situation recalls past sponsorship failures, including a 2015 deal with South African start-up Zing that collapsed within a month. For a league where other clubs, such as Scottland and FC Platinum, enjoy strong backing from mining companies and corporations, the Green Machine risks appearing desperate.
The episode underscores the broader challenges of Zimbabwean football: cash-strapped clubs navigating a sponsorship "gold rush" where promises of support may mask unstable or fraudulent deals. CAPS United's fans now hope that the deal with Green Dollar Coin is more than a mirage, and that the club has not fallen for another costly misstep.
Source - The Herald
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