—Club Now Formally Known As FC Ifeanyi Ubah
By Sab Osuji:
Businessman and Chairman/CEO of Capital Oil Limited, Dr. Ifeanyi Ubah has completed the takeover of Nigeria Professional Football League side, Gabros International FC, following an approval granted by the League Management Company and conveyed in a letter signed by the LMC Chairman and NFF Vice President, Mallam Shehu Dikko.
By the approval the club formerly known as Gabros International FC will now be known and addressed as FC IfeanyiUbah, completesportsnigeria.com has been informed.
In the letter, the LMC Chairman remarked that the approval has been granted consequent on the verification of Ifeanyi Ubah Limited’s compliance with requirements for takeover of clubs and change of name.
The change of name takes effect from Match Day 11 and all points accumulated by Gabros International FC have been transferred to FC IfeanyiUbah which now appears on the NPFL fixture list and log.
Dikko said: “After submitting to the very rigorous process put in place to ensure that only serious business minded persons and corporate groups are admitted to club ownership, the LMC is satisfied that Dr. Ifeanyi Ubah has substantially met the requirements and has been granted approval to takeover Gabros International FC.”
The letter listed some of the conditions met to include but not limited to submission of the certificate of incorporation of the FC IfeanyiUbah as a limited liability company registered by the Corporate Affairs Commission, submission of a quarterly Financial Performance Guarantee issued by Skye Bank and the club’s business strategic development plan.
The Financial Performance Guarantee is not cash paid to the LMC but a bank’s undertaken to make available that amount of money to the LMC should the club be proven to have defaulted in meeting its financial obligation to employees (players, coaches and other employees) or to another club and failed to remedy after appropriate notice. This is a safety net put in place by the LMC to address the problems of indebtedness especially to players and coaches by clubs.
Others are a letter of Personal Performance Guarantee of the club by Dr. Ifeanyi Ubah, letter from Zenith Bank attesting to Dr. Ifeanyi Ubah’s good standing as the bank’s customer and a Personal Guarantee Deed of agreement of Dr. Ifeanyi Ubah in favour of the LMC for the value N1.5b for three years including investment in club infrastructure.
The personal guarantee deed represents an undertaken by Dr. Ubah as the club promoter to guarantee and fund the participation and operations of FC IfeanyiUbah for a minimum period of three years in league football and compliance to all the NPFL and NFF rules and other extant football rules and regulations .
The rest of the requirements fulfilled by FC IfeanyiUbah include a sponsorship agreement with Capital Oil Ltd for a three year deal worth N5b to support the club including the provision of new infrastructure (mini stadium) and a letter of consent from the owners of Gabros International FC for the takeover and change of name of the club.Copyright © 2020 Completesports.com All rights reserved. The information contained in Completesports.com may not be published, broadcast, rewritten, or redistributed without the prior written authority of Completesports.com.