adminGrace Chingoma Sports Reporter
THE shareholding dispute over the ownership CAPS United, which strained relations between Twine Phiri and Farai Jere last year, has been resolved with the latter’s 25 percent equity being officially acknowledged by the Green Machine.
The resolution of the share dispute has been one of the primary targets of the new board, led by businessman Nhamo Tutisani, whose drive is to take the Green Machine back to the glory days of yesteryear when they won back-to-back league titles in 2004 and 2005.
The board believes that with boardroom tranquillity, CAPS United can now surge forward, as one united family, and regain their position as one of the leading football franchises in the country. Phiri, who is the PSL president, appointed the board this year and is confident that it has the right people to drive the club forward.
CAPS United have made a good start to the new Premiership season, taking four out of six points, and beating their bogey side Harare City for the first time since the Sunshine Boys came into the top-flight league.
Thousands of CAPS United fans turned up at Rufaro on Saturday to support their club and there were wild scenes of celebrations, after the game, as they celebrated not only their win over Harare City but what promises to be a good season.
According to a statement released by CAPS United board secretary, top Harare lawyer Lewis Uriri, Phiri, through Twine Con Industrial Air (Private) Limited will retain 75 percent shareholding in the ownership structure of the Green Machine.
Jere, through Automats Investments (Private) Limited will hold 25 percent shareholding in the Harare giants.
“There has been speculation regarding the ownership, control and management of CAPS United Football Club (and the club) is owned by and is the sole asset of its holding company,” the statement read.
“75 percent of the shareholding therein is beneficially held by Twine Ibrahim Phiri through Twine Con Industrial Air (Private) Limited.
“The remaining 25 percent is beneficially held by Farai Jere through Automats Investments (Private) Limited. This has been the position since February 2007.
“Farai Jere, who has not played an active role in CAPS United for a year, has with effect from the 13th April 2014, rejoined the CAPS United Board. Mr Jere rejoins the Board as a non-executive director.
“Farai Jere, for the avoidance of doubt, has never ceased to be the beneficial owner of 25 percent in CAPS United’s holding company.”
The CAPS United board said they will soon disclose the business strategy and their three-year plan as the club seeks to reclaim the glory days back when a vibrant board led by Andy Hodges turned the club into a very successful unit.
“The Board is acutely aware of the need to timeously and adequately inform the broader CAPS United family and the public of developments at CAPS United.
“A full disclosure of the turnaround strategy, business plan, three-year plan, management and control as well as the funding requirements and strategy will be made in short course only to the extent that it is consistent with the basic tenets of corporate governance.
“The broader CAPS United family and stakeholders are urged to exercise extreme patience and restraint as the Board seeks to turn around the fortunes of the Green Machine.
“Speculation, conjecture and communication other than that from the Board may harm the vision and ongoing deliberations with various stakeholders.”
Online Reporter