Crowdfunding helps clear Bosso debt

08 Aug, 2020 - 00:08 0 Views
Crowdfunding helps clear Bosso debt Nodumo Nyathi

The Chronicle

Ricky Zililo, Senior Sports Reporter
HIGHLANDERS are set to extinguish their legacy debt after the crowdfunding campaign submitted $410 000 collected in July to the club.

The three-month debt clearance campaign officially ended yesterday.

When the campaign was first launched, Bosso’s debt stood at $862 868 and it was nearly halved when $100 000 was raised in May and $300 000 in June.

This enabled the club to pay some former players and coaches it owed as well as the National Social Security Authority.

The club has also successfully negotiated retirement of part of the debt with some creditors, while others have significantly reduced the amounts owed, meaning the $410 000 will leave Bosso debt free.

The excited head of the crowdfunding initiative Nodumo Nyathi said they were now in the process of reconciling their financials.

“We have done it,” wrote Nyathi on social media, giving an update on the campaign yesterday.

“Amazing, amazing, amazing it has been in the Highlanders FC debt clearance campaign. We have sent $410 000 to the club and will be finalising reconcilliations in the coming days. We can safely say we have done it. The club will be making payments and when completed they will update us,” said Nyathi.

Throughout the campaign, names and amounts contributed were being published for transparency purposes.

The project initiators said they will discuss with other members on the possibility of another initiative to raise funds for the club.

“On the 11th of August 2020 we will open discussions about the way forward post the debt clearance,” said Nyathi.

Canada-based Bosso life member Sidumisile Ntini said the debt clearance campaign is testimony that the club still has people that value its existence.

Ntini was part of the campaign’s administrators.

“This campaign has shown that indeed Highlanders is a great institution, whose survival depends on its followers. At a time when the club’s existence came under scrutiny, its followers, card carrying members and non-card holders joined hands to have a debt free Bosso.

Our hope is that now that the debt has been wiped out, let’s guard against making the same mistakes that led us into such a mess. Long live Highlanders,” said Ntini.

The club is expected to issue a statement today. — @ZililoR

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