SA’s Mathata out, must buy shares - Wanderers

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M– It seems as if the reign of Manzini Wanderers South African Director Cedric Mathata Mashile has ended.

This comes after the maroon and white hub giants’ Council of Elders Chairman Joe Nkumane clarified yesterday that based on the latest leadership strategy as exclusively reported by our sister publication, Times of Eswatini Sports yesterday, for Mathata to remain relevant as a director, he also must buy the shares that are being sold to help run the team without having to rely on one person who can leave anytime.

Nkumane affirmed the reports that they had dissolved their company directors’ structure to

implement a new strategy which has always been in their constitution. The strategy opens doors to supporters to own the club by buying shares, each selling at E500.

Shares

A total of 10 000 shares are available and if all are sold, the team is guaranteed E5 million which is money they aim to use to run the club every season. Nkumane noted the mow would pull them out of the financial woes that are also seeing them performing badly and also failing to attend training in the last two weeks ahead of their fixtures. Including today’s match against Green

Mamba.

Nkumane said Liweseli would embark on a drive to generate money for the team to run its business smoothly, which would be to sell shares to the value of E5 million. The chairman said even the current director, Mathata, whom he disclosed that they were in the dark about his whereabouts, would have to buy the shares if he wants to continue sitting on the hot seat of the club as a recognised and company registered director.

“Yes, it’s true that we want to sell shares as we have set up a committee that will be looking into that matter. I must say that even Mathata will have to buy the shares, but it will depend on him as everyone, will have to buy the shares,” Nkumane said.

He revealed that as things

ABOUT THE SHAREHOLDING SALE:

Strategy to be enshrined in the team’s Constitution. 10 000 shares are available at E500 each.

Only a maximum of 50 people can buy the shares. In total, 10 000 shares is equivalent to E5 million. stood, Mathata was no longer their director as they were clueless of his whereabouts and that was why they were currently having the challenges they were going through.

Situation

“The reason we want even the person who will want to be a director to buy the shares is that we don’t want to find ourselves in this situation again,” he said.

He further revealed that they would not hide the fact that the side was in financial crisis, this was after he was asked about whether the players had been paid last month’s salaries and if they would honour today’s game against Green Mamba at KaLanga Technical Centre following that they did not train all week. Meanwhile, our sister publication the Times of Eswatini also revealed that the person to buy the most shares gets to be the chairman of the team’s Board of Directors (BoDs) which is likely to have 10 members.