Home | Sports | HE IS EXPECTED TO BUY WANDERERS SHARES DESPITE: MATHATA’S OVER E1.8M INVESTMENT

HE IS EXPECTED TO BUY WANDERERS SHARES DESPITE: MATHATA’S OVER E1.8M INVESTMENT

16/11/2022 09:05:00 Chris Dlamini

Font size:

EZULWINI – South African businessman Cedric Mathata has reportedly pumped close to E2 million at Manzini Wanderers.

Currently in financial abyss, the hub giants have seemingly gone separate ways with Mathata, who had been paying salaries and signing-on fees for over two seasons since taking charge. “He invested over E1.8 million during his time as director and this was to be his third season in charge,” said an impeccable source. The money was used to pay salaries and signing-on fees for players, among other things. He is said to have forked out at least E200 000 monthly.

Another source close to the businessman said it was a lot of money by the South African who was ready to continue helping.“He will continue to help the team but to ask him to buy shares on top of so much money already is something to be considered against people who will buy the shares for much less,” a source close to the team as an official said. He said the team should consider converting Mathata’s shares and allow him to continue assisting the team. However, this is contrary to the shares structure which will see supporters buy each share of 10 000 for E500. This was introduced last week in light of the financial challenges the club was undergoing with results also negative.

The Council of Elders Chairman Joe Nkumane was quoted last week as saying, they did not know Mathata’s whereabouts and if anything, he would have to also buy the shares to be in the new directors’ structure. The hub side’s Public Relations Officer (PRO) Majayivane Dlamini could only say ‘there was no latest development’ concerning Mathata. “Not yet. We’re currently working towards complementing the task team to eight, then formally announce the team probably before end of this week. We shall then issue out the terms of the shareholding and directorship structure,” said Select Committee Chairman Bongane ‘Bhanyaza’ Mdluli after he was asked if they had been in contact with Mathata about the latest.