Quotes Of The Year, Part One Executive Transactions Names In The News Mayne-Nicholls: England Bid Was Best Tour Of Ireland Could Return In 2016 LTA Prize Funding Cut Sparks Fury Qatar Eyeing EPL Tottenham Hotspur Levski Sofia: Salaries 75% Of '15 Budget Subway Ramps Up Liverpool Sponsorship Wanda Emerges In Infront Media Auction
SBD Global/May 22, 2013/FinancePrint All
The South African FA "allegedly owes second division clubs" close to R5M ($524,000) for the '12-13 season, according to Sello Rabothata of SOWETAN LIVE. Though it "has been at pains to tell all and sundry that it is in a healthy financial position," the association owes all 144 second division clubs R30,000 ($3,100) each and two sets of playing kits each. The second division, which was sponsored by Vodacom until the '11-12 season, has 16-team leagues in all nine provinces and "is currently being bankrolled by the mother body." Most clubs in this division "have no sponsors and are run from the owners pockets, which many feel will lead to the demise of the league." SAFA spokesperson Dominic Chimhavi acknowledged that "the clubs have not been paid as yet." He said: "The association is busy negotiating with a sponsor and we are on the verge of concluding one (sponsorship deal), hopefully soon. We also could not issue out the playing kit because it would have disadvantaged the sponsor whose logo should be displayed on the jerseys for marketing purposes" (SOWETAN LIVE, 5/20).
New Fiji Rugby Union Chair Filimone Waqabaca said Tuesday that "he was determined to clean up the organisation's finances" after it posted a FJ$600,000 ($325,000) loss last year. Waqabaca, a permanent finance secretary in the South Pacific nation's military-led government, "was elected FRU chairman last weekend after being nominated by the regime's leader Voreqe Bainimarama" (AFP, 5/21). ... W-Diamond Group Corp. from N.Y. and the family of golf legend Bobby Jones have agreed to grant a long-term license for golf equipment, apparel and other golf-related products under the Bobby Jones brand name to the Waitt Company. In return, Waitt will acquire all operating assets to run Bobby Jones under the helm of the newly created Jones Global Sports business unit (ISPO).