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Kotoko owes GH¢2.8m as debt – Otumfuo

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Otumfuo Osei Tutu II
Otumfuo Osei Tutu II

Asante Kotoko is saddled with debt to the tune of over GH¢2.8 million, according to Otumfuo Osei Tutu II, owner of the club.

The debt accumulated  over a decade, is as a result of poor administrative and management practices by successive managements.

“I am perplexed at the inability of successive managements to render proper accounts of their stewardship, resulting in this huge debt”, he lamented.

The Asantehene fumed over what he termed as lack of transparency on player transfer and recruitment, coupled with corrupt practices and other shady deals swallowing the club.

The Asantehene  charged the newly Kotoko Board  to open a special accounts for all proceeds from sponsorship, player transfers and among others; tasking them to subject the club’s financial reports to proper auditing on regular basis.

Otumfuo Osei Tutu said he had released an amount of GH¢450,000 to the team to be used for player recruitment.

Source: GNA

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One comment

  1. Why is the Otumfuo perplexed? As owner of the club, didn’t it occur to him to request annual audited reports of his club?