LMC Secures Sponsorship Deal with NASD
Domestic football in Nigeria has received a major boost after the Nigeria League Management Company (LMC) signed a partnership Memorandum of Understanding (MOU) with NASD Securities.
Most clubs in the Nigerian Premier League are owned and financed by state governments, often leaving them struggling to get funds to run their sides, but the Nation reports that the deal "will see emergence of innovative financing solutions for football clubs and the listing of football clubs at the stock market".
Under the current structures several clubs have floated between the top flight and the brink of extinction due to a lack of proper funding.
However, the new agreement will see a number of state governments relinquish power and allow private companies to come on board, which will open the door for major investment.
"We spoke to almost all the state governors," LMC chairman Shehu Dikko told ESPN FC. "Because of the current economic situation of the country, many of them were actually quite willing to let go.
"But their concern was that the clubs might fail if the government did hand off the clubs, and that could be political suicide for the governor concerned as the people are very attached to these clubs as symbols of their individual states and will not forget the man who killed their club."
A transparent corporate governance structure has been put in place and NASD will provide a trading platform that will see investors, issuing houses, financial advisers and stockbrokers all work together to achieve success in the league.
"We share the belief that Nigerian football clubs can harness the power of the capital market and the passion of sports-loving Nigerians to develop reliable funding models," Bola Ajomale, NASD CEO said.
This should, in theory, improve structures in Nigerian football, but it doesn't mean it will lead to success, but at least clubs will be some solid financial income, which could see talented players stay at home for longer, instead of heading overseas while still in their teens.
Comments
This article has 0 comment(s) , give your comment