HomeSportDeMbare’s financial boost

DeMbare’s financial boost

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Premier Soccer League giants, Dynamos are on the brink of receiving a shot in the arm from long-term partner BancABC, who are set to commit themselves to continue funding the popular Harare side.

BY HENRY MHARA

Keni Mubaiwa
Keni Mubaiwa

Dynamos president, Keni Mubaiwa (pictured) yesterday revealed that negotiations with the financial institution were almost complete, with the two parties likely to put pen to paper next week.

“We are 98% done with the negotiations. It looks very promising and the deal should be signed any time soon. It’s a huge relief for us because we are in desperate need of their assistance,” he said, without giving the finer details of the contract.

Dynamos’ deal with the pan-African financial services provider, who also sponsor Highlanders, lapsed at the end of last year and there were fears that it would not be renewed, putting the two clubs in a financial quagmire.

While Mubaiwa could not give details of the contract, sources said the package has been reduced by almost half of what they have been getting since it was initially implemented in 2011.

In the previous contract, Dynamos would get $80 000 before the start of each season to use as signing-on fees in addition to the institution taking care of the players’ and technical staff’s salaries.

This time, however, the source said, the Harare giants are set to receive a flat fee of not more than $250 000.

Highlanders have already announced a reduced sponsorship from the bank, saying they would receive $200 000 for this season.

Even that has come as a massive boost and relief for the financially-troubled Dynamos, who have been stranded since the December, as players filed out one by one.

Dynamos are facing financial challenges, which have seen them being deserted by their star players in recent months, who have joined local rivals.

Godknows Murwira and Dominic Mukandi went to well-resourced Ngezi Platinum, while Brett Amidu left for the cash-rich FC Platinum.

Goalkeeper Tatenda Mukuruva is yet to commit to the club for a new contract as he is demanding that they settle a debt from the previous contract first. It appears, Dynamos do not have the money to pay off the debt.

They, however, managed to convince vice-captain, Ocean Mushure to renew his contract after receiving part of the money owed from the previous deal.

The club last week offloaded five senior players, including captain Steven Alimenda and Rodreck Mutuma in a bid to balance their books.

Faced by financial problems, the club is yet to delve into the transfer market to compete with other clubs for players, but instead held trials where they picked freebies to make do with into the next season.

The former champions finished fifth last season, and have set themselves a target of reclaiming their past glory this year.

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