The Sunday Mail
Twine Phiri
REVELATIONS by Twine Phiri that he is ready to dispose off his stake in Caps United has triggered questions about the value of the former Cup Kings.
Phiri yesterday told Star FM that he is ready to walk away from Makepekepe if the right offer comes.
“Saka kana kuine vanoda kubatsira or kane kune vanoda kuuya vachiita take over ngavauye (If there are people who want to come and assist or take over let them come),” Phiri said during the interview.
But with Caps United heavily in debt it remains to be seen how much Phiri, who is the Caps United majority shareholder with a 60 percent equity, will make after selling his stake.
Farai Jere holds 40 percent equity in the club but relations between the pair have broken down.
Commenting on the matter The Sunday Mail’s business editor Darlington Musarurwa noted that Caps United creditors have an option of turning the money they are owed into equity.
“Twine Phiri is intelligently signaling to the creditors – Farai Jere & Co- that he is prepared to have a conversation about the business. Ultimately, the creditors will convert their debts into equity and become the new shareholders, and this seems to be the reason why some of them pre-empted this by approaching the courts to “ostensibly” have the business liquidated,” he said.
Recently two former Caps United directors Advocate Lewis Uriri and Nhamo Tutisani issued the club with a three week issued the club with a three-week notice to approach the High Court seeking liquidation over failure to pay off debts running into millions of dollars.
The two injected funds into the club during their tenure as directors and the club owes them a combined $143 000.
Jere , meanwhile, tops the list of creditors as he is owed close to $2 million.
Makepekepe appeared to have struck gold when they announced a partnership with South African company Zing in March but that arrangement ended acrimoniously amid accusation of unprofessionalism.
