Mmegi Online :: Motlakase Power Dynamos stadium auctioned
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Last Updated
Friday 21 September 2018, 15:09 pm.
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Motlakase Power Dynamos stadium auctioned

SELEBI-PHIKWE: Attorneys representing a company that was owed more than P1 million by Palapye-based Motlakase Power Dynamos have confirmed the auctioning of the teamís stadium.
By Onalenna Kelebeile Fri 19 Dec 2014, 09:22 am (GMT +2)
Mmegi Online :: Motlakase Power Dynamos stadium auctioned








Jago Investment attorney, Morris Ndawana has said the auction was necessitated by a default on the payment of around P1.5 million loan. He said the sale was effected on December 5.  The stadium that sits on a 2.5881-hectare piece of land in Khurumela ward in Palapye was bought by a church at P2 million.  The property has been bought by a certain church in Francistown who had bid P2 million. We sold the property without any problems, more so that the defendants did not negotiate with us prior before the auction sale was effected,” said Ndawana.

The defendants in the matter were Motlakase Power Dynamos directors Gaolathwe Kelesitse, Samuel Kelaotswe, Mangisi Segadimo and Joseph Gampone.  It was understood that the defendants had been unable to service the loan

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from Jago Investments for about two years.  During a previous interview Ndawana said the only way attachment of property could be prevented is by making payments to service a loan.  Motlakase Power Dynamos chairman Segadimo said officially, he was not aware that the property has been sold.

He said they only heard unofficial reports about the sale and a meeting they tried to set up with the applicants to negotiate the matter never materialised.

It was anticipated that the stadium will bring more Premier League games to Palapye when constructed started in 2009-2010, but the directors are said to have underestimated the costs resulting in under-quoting.  The club incurred a lot of expenses to honour fixtures and this weighed heavily on efforts to develop the stadium.

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