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Confirmed: Kotoko to use league's sponsorship money to pay debt

Published on: 01 April 2012

By Ameenu Shardow

Executive Chairman of Asante Kotoko Dr. K.K Sarpong confirmed they will be using the league’s sponsorship money to pay off recently incurred debts.

The club is to pay whooping 99,000 Euros to former coach Hans Dieter Schmidt for his wrongful dismissal in 2005 within 30-days.

It is also to pay $6,500 in refunds to Turkish side Gencelrbirligi following the transfer of Adamu Mohammed back in 2008.

Kotoko in both instances incurred an extra combined cost of 12,000 Swiss Francs in legal charges.

But since the club is cash-strapped at the moment, it will be using its quota of sponsorship monies for participating in the 16-team league to lead payments of the debts.

“We have written to the Ghana FA to inform them of our decision to use the Glo sponsorship money to cushion the payment as we seek the rest from fund raising,” Dr. Sarpong said.

“We are printing annual report to tell the story of how much money was in our coffers, how it was spent etcetera.”

Failure to meet the deadline set by Fifa within the stipulated time could lead to the club’s relegation from the Ghanaian topflight.

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