Senwelo keen on 10% Chiefs stake
Oscar Gasennelwe | Saturday July 9, 2022 06:00
Last week, Chiefs announced it has privatised and Senwelo is among the interested suitors. Last month, Senwelo, who is the chief executive officer at CRACKiT Tuition Centre, announced plans to acquire a 70% stake but faced challenges as Chiefs was run as a society and not a company.
His hopes have, however, been rekindled after the Kgatleng giants transformed a company last week.
The club has reserved 70% for investors while 20% is allocated to a consortium of the club’s founders, with the remaining 10% meant for supporters. Senwelo said he adjusted the figure from 70% after a meeting with Chiefs management. “I have adjusted the percentage I was asking for.
The development of the stadium and other things, I’ve set aside because the Chiefs management came and clarified how they want the team to be developed,” Senwelo said in an interview.
He said Chiefs promised to give him a priority in the stake before accepting any other bid from investors since he has already sponsored the club. “So before they consider anyone, they’ll consider me,” he said. “They asked me to write a proposal, which I’ve done and they are yet to give me feedback.
They said they’ll not give me feedback this week because of funeral preparations, but I’m expecting to get feedback next week,” he added.
Chiefs’ chairperson, Edwin Mothulatshipi said the board cannot hand over the whole 70% stake, but has to analyse what an investor can provide to the team before they can make the decision. “As the board, we would first check and assure what the bidding investor will provide in the team. We can surely discuss whether to give him the whole 70% or give them [interested investors] a slice of the stake,” Mothulatshipi said.
He confirmed Senwelo has made his proposal but he is not the only one as there are other interested investors. Mothulatshipi said he is worried that most investors may seek the financial report but he has not received it from the club’s treasurer. “As of now, I have received all reports except the one-year and six months financial report.
I’m worried about this because investors may look away after the failure to present the report,” Mothulatshipi said Mothulatshipi has urged the Magosi family to remain patient as changes loom in the club. He said there is need to support the management’s decisions. Mothulatshipi is concerned that some people may think that they still have a say in the team, which could cause unnecessary commotion.