Investor faces hurdles in Chiefs acquisition
Kabelo Boranabi | Saturday June 25, 2022 06:00
Senwelo has expressed his interest to acquire a 70% stake in the popular side, Mochudi Centre Chiefs. He is, however, like many who came before him faced with a hurdle as the club is run as a society and not a company.
The youthful Senwelo is the Chief Executive Officer at CRACKiT Tuition. The company offers private and group tutoring, classes, test preparations and virtual learning for students, and operates in Botswana, South Africa and recently ventured into Namibia.
CRACKiT Botswana in May entered into a brief partnership with Chiefs worth P200,000 but the deal ended at the conclusion of the season and Senwelo is now eyeing a much bigger role.
Early this week, the 29-year-old businessman wrote on his Facebook page and said if given a 70% stake at the Kgatleng giants, he will buy a Premier League status, build a 10,000-capacity mini-stadium, and set up a management company to run the club’s affairs amongst a long list of promises. Speaking to Mmegi Sport, Senwelo said his initial approach has been thwarted by the current club’s structure as it does not accommodate investors.
“I have made enquiries and the process of transformation from society to a company is not yet done so that the team can accommodate an investor/shareholder. I am still interested in acquiring shares and running the team but from the insider information I have gathered, the process of putting in an investor won't be possible until the society is dissolved and Mochudi Centre Chiefs (Pty) Ltd takes over the team.
For now I am going to wait until everything is sorted, then just like any other person who has interest I will join in the bid for the available shares,” Senwelo said. He further said he cannot monetise the 70% stake while he is yet to find a Premier League club to trade a status. Senwelo is, however, adamant that should he acquire the stake he will bring more investors to the club.
“Given permission by the current committee I would like to mobilise Mochudi Centre Chiefs supporters so that we can go ahead and start with planting of the lawn during the off-season so that when the league resumes it is almost ready for use.
I have absolutely no idea (on the value), but I know I can pull together stakeholders who can invest in the ideas,” he said. Chiefs’ privatisation drive is said to be taking shape as the club is nearing completion of a commercial wing, Mochudi Centre Chiefs (Pty) Ltd. The club recently attracted interest from South African entrepreneur, Errol Dicks but nothing has materialised yet.