Jere sells 20 percent shares

HARARE - CAPS United president Farai Jere has reached an agreement to sell 20 percent of the club’s shares to board member Nhamo Tutisani as the Green Machine’s value increases.

Jere, who bought a controlling stake in the club in May, will now remain with 60 percent equity while vice president Twine Phiri retains his 20 percent stake in the country’s third biggest club.

This effectively means Tutisani immediately relinquishes his place on the Makepekepe board where he was in charge of operations.

The Daily News understands Jere decided to offer Tutisani an opportunity to own shares in the club after showing “great commitment” to the Makepekepe cause since his appointment onto the board.

More details of the transaction will be revealed at a press conference this morning.

“Please join us tomorrow Thursday the 22nd of October as the Club makes a huge announcement. Club president and Board members will be panellists on our press conference,” said Makepekepe spokesperson Joyce Kapota yesterday.

It appears these are indeed good times in the Makepekepe board after two years of strife threatened to destroy one of the country’s biggest clubs.

Makepekepe went through some trying times after Jere, then a co-director quit the club in November 2012, after falling out with Phiri.

The Harare businessman took a back seat from the day-to-day operations of the Harare club after investing over $1 million.

Phiri and Jere settled their differences at the start of the year with the former agreeing to convert the club’s debt into equity.

At that point, Jere and a number of former board members had launched a High Court application to liquidate the club to recover their dues.

While sanity seems to be prevailing in the boardroom, Makepekepe have had an indifferent season on the pitch.

CAPS currently sit on fifth place on the log with 37 points from 25 matches and out of the title race.

United began the season in great form under former coach Mark Harrison but their season was derailed by player strikes over bonuses and salaries.

Harrison, who had joined from South African side Black Leopards at the start of the year, also left Makepekepe in frustration and was replaced by his assistant Mark Mathe.

The former Highlanders coach took charge of eight matches before he was demoted to his role as assistant after the re-appointment of former coach Lloyd Chitembwe.

Comments (2)

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rod - 23 October 2015


Canaan Mugumira - 26 October 2015

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