Mo offers Sh20bn to Simba SC
What you need to know:
Mohammed Dewji proposes to end club cash woes by injecting Sh20 billion into its coffers, but says the cash will have to be invested in treasury bills
Dar es Salaam. The ball is in your court, Simba! This might as well be what Tanzanian businessman Mohammed Dewji meant on Friday when he announced a Sh20 billion ‘rescue package’ he says could breathe new life into Tanzania’s ailing soccer giants.
At a press conference in Dar es Salaam, Dewji spelt out his plan to give Simba SC the multi-billion shilling lifeline, but only if the club management agrees to a deal he has laid out on the table.
“With that amount, we will be above all clubs in the country, and (we will be able to) compete in all areas. Currently, it is difficult to compete with the two clubs which normally finish in the first two positions, it pains me,” said the young billionaire.
The chief executive officer of Mohammed Enterprises Tanzania Limited (MeTL) said Simba SC did not need sponsors but investors to stabilise its finances.
For that reason, he proposes to invest the Sh20 billion package in treasury bills, with a promise that the club can collect not less than Sh4 billion annually in interest. He said Simba could have the capacity to spend about Sh5.5 billion annually, and beat all its rivals.
