The League Management
Company (LMC) at the Weekend said it had approved the takeover of Gabros Interrnational FC of Nnewi by businessman and Chairman/CEO of Capital Oil Limited, Ifeanyi Ubah.
This was contained in a statement by Harry Iwuala, the LMC said the approval was because Ubah had completed the takeover of the Nigeria Professional Football League (NPFL) side.
“This followed an approval granted by the LMC and conveyed in a letter signed by Shehu Dikko, the LMC Chairman and Second Vice-President of the Nigeria Football Federation (NFF).
“By the approval, the club formerly known as Gabros International FC will now be known and addressed as FC Ifeanyi Ubah,’’ the statement said.
It added in the letter that Dikko said the approval has been granted consequent on the verification of Ifeanyi Ubah Limited’s compliance with requirements for takeover of clubs and change of name.
The LMC said the change of name therefore takes effect from Match Day 11 and all points accumulated by Gabros International FC has been transferred to FC IfeanyiUbah.
“After submitting to the very rigorous process put in place to ensure that only serious business-minded persons and corporate groups are admitted to club ownership,
“The LMC is satisfied that Ifeanyi Ubah has substantially met the requirement and has been granted approval to take over Gabros International FC”.
Dikko commended Ubah for patiently working to meet these requirements and said it demonstrated his commitment to operating and funding the club in line with the company’s Rules and Frame Work.
“The Rules and Frame Work, which have been designed to protect the institution of the league and also safeguard the interests of the players and other employees of clubs participating in the NPFL”.
The letter listed some of the conditions met to include but not limited to submission of the certificate of incorporation of the FC Ifeanyi Ubah as a limited liability company.
It said the company must be registered by the Corporate Affairs Commission (CAC), submission of a quarterly Financial Performance Guarantee issued by Skye Bank and the club’s business strategic development plan.
“The Financial Performance Guarantee is not cash paid to the LMC but a bank’s undertaking to make available that amount of money to the LMC should the club either be proven to have defaulted in meeting its financial obligation to employees (playersa, coaches and other employees), another club or failed to remedy after appropriate notice.
“This is a safety net put in place by the LMC to address the problems of indebtedness, especially to players and coaches by clubs,’’ Dikko said.
“Others are a letter of Personal Performance Guarantee of the club by Ubah, a letter from Zenith Bank attesting to Ifeanyi Ubah’s good standing as the bank’s customer and a Personal Guarantee Deed of agreement of Ifeanyi Ubah in favour of the LMC for the value of N1.5 billon for three years, including investment in club infrastructure.
“The personal guarantee deed represents an undertaken by Ubah as the club promoter to guarantee and fund the participation and operations of FC Ifeanyi Ubah for a minimum period of three years in league football and compliance to all the NPFL and NFF rules and other extant football rules and regulations,’’ Dikko said.
The rest of the requirements fulfilled by FC Ifeanyi Ubah include a sponsorship agreement with Capital Oil Ltd for a three-year deal worth N5 billion to support the club.
It said “this included the provision of new infrastructure (mini stadium) and a letter of consent from the owners of Gabros International FC for the takeover and change of name of the club’’.
Dikko further remarked that the LMC is quite delighted to have a big private investor with huge passion for football taking over a club in the NPFL.
“I hope that this will set the stage for other serious businessmen and blue chip companies in Nigeria to take over clubs in the elite league, either as owners, investors and/or sponsors.’’
The LMC assured the existing and potential investors in the league that the LMC is always available to provide all the necessary support and advisory.
“This is a service to any qualified party interested in taking over in the league.