LMC declares N483m financial surplus

LMC declares N483m financial surplus

Tuesday, December 27, 2016 10:00 pm



The Nigeria Professional Football League (NPFL) says clubs will from the coming season raise youth teams of players aged 15 years and below to compete in the new NPFL Youth League.

This is even as the League Management Company (LMC) declared a surplus/savings of N483 million in its operations for the 2015/16 NPFL season.

The News Agency of Nigeria (NAN) reports that the Annual General Meeting (AGM) of the LMC was held in Enugu on Dec. 11.

Harry Iwuala, the LMC spokesperson, said the surplus of N483 million was contained in a financial report submitted by the Chairman of the LMC, Shehu Dikko, and accepted with commendations at the AGM.

“Other high points of the AGM resolution include the approval of the LMC proposal for a Youth League tournament in partnership with LaLiga that all clubs will participate in and the endorsement of a new bonus/incentives structure as proposed by the LMC.

“Also was the approval of the club merchandising proposal by the LMC to deploy part of the clubs’ revenue from source for payment of clubs’ jersey replicas and the election of clubs’ representatives to serve on the LMC Board,” he said.

He said that among its 22-point resolutions, the AGM, made up of the 20 NPFL Clubs, NFF and LMC Independent Directors, noted that it received a detailed presentation of the LMC income and expenditure report from the 2015/16 season.

He noted that the report was approved at the 2nd AGM in Uyo, Akwa Ibom State in February.

According to the communique, the outline of expenditure report shows actual income receipts for 2016 of N2.831 billion as against the N2.112 million expected guaranteed revenues and N4.817 billion projected gross revenue.

“While, actual expenditure budget for year 2016 stood at N2.347 billion as against budgeted expenditure of N3.260 billion for the season.

“The financials for 2016 season, therefore, show a surplus/savings of N483million, which has been carried over to form part of the revenues for the 2016/17, to facilitate early commencement of the season”.

On the Youth League, the AGM resolution noted, “The meeting approved LMC proposal to start a Youth League Competition for U-15 among NPFL participating clubs, in association with LaLiga.

“This is in furtherance of the partnership agreement between the two leagues.

“The league will be fashioned after the ‘LaLiga Promisas’ with Laliga serving as technical partners.

“Clubs are expected to employ young coaches for the youth teams and Laliga will provide technical assistance by sending coaches who will train the youth team coaches before the start of the league,” it said.

It also said that the new bonus/incentive structure would see clubs earn N500, 000 for an away win, N200, 000 for an away draw and N250, 000 for attracting over 5000 fans to watch home games.

“There is also a N200, 000 monthly stadium maintenance support and N100, 000 for dressing three youth players (U-18) in a matchday squad, with one of the players having a play time of 15 minutes, while N200, 000 will be paid to a club that fielded such youth players with one playing for 45 minutes on a Matchday.”

The communique said that the meeting approved with enthusiasm the club merchandising proposal by the LMC Board to pay part of the funds due to clubs in kind, through the supply of clubs’ official replica jerseys.

It said the clubs were expected to sell the replicas to fans, recoup the money and also drive passion in club supporters.

“This scheme would jumpstart and open club merchandising market and create new revenue streams for the clubs”.

NAN reports that the newly elected directors to represent the clubs on the LMC Board are Paul Bassey of Akwa United, Chief Emeka Inyama of Abia Warriors and Mike Idoko of Lobi Stars.

Others are Emmanuel Aiyeyun of MFM, Alhaji Danarewa Kurfi of Katsina United and Alhaji Isa Musa Matori of Wikki Tourists.

“The election is in line with article 13 and 14 of the LMC Governance structure,” it said. (NAN)

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