GLO PREMIER LEAGUE CLUBS PLOT APRIL FOOL GIMMICK: As LMC =N= 100 Million Bank Guaranty Deadline Draw Close

 Some management of Glo Premier League clubs seems to be plotting an ‘April Fool Gimmick’ in response to LMC deadline.

League Management Company (LMC) insists on sanctioning any club that fails to meet April 1^st deadline for the submission of its N100 million Bank Guarantee. LMC require the bank cheque as evidence of a club’s financial capacity to run it’s affair in the league; especially its ability to meet contractual obligations as concern players’ remunerations and welfare.

But as the deadline draw close, most clubs seem reluctant to comply, which gives indication that they may be up to something funny. I am not sure what their plan is, it may just be another April fool gimmick. Maybe, on April 1^st, against everyone’s expectations, the clubs may all run to LMC Office to submit their own bank Cheque. As my friend always says, “Nigerians love the rush hour.”

Perhaps, some clubs management may want to dare LMC. What will LMC do after all, if many of the clubs fail to meet the deadline? Will it stop the league? Will it suspend all the erring clubs? Or will it re-consider its stand and allow clubs to submit only N25 million Bank guarantee in a quarterly installment? Maybe, the clubs management wants to find out what LMC will do and what new crisis will brew out of this.

Indeed, several club officials had earlier told us that the bank guarantee has been reviewed downwards to 25m Naira.
 
However, a press release from the LMC stated: “The meeting reiterated that the provision of Performance Guarantee of N100 million from an approved financial Institution remains an irrevocable requirement for registration to participate in the 2013/2014 league season.

“However, clubs are allowed to provide the guarantee in quarterly instalments of N25 million and any defaulting club before April 1^st shall be liable to forfeiture of six points, six goals and a further withholding of the defaulting club’s financial entitlement from the sponsorship rights”.

Although, clubs like Kano Pillars has gone ahead to submit its own N25 million first quarter bank guarantee, to show the club doesn’t have any skeleton in its cupboard.

Chief Operating Officer (COO) of the LMC, Salihu Abubakar, wonders why any club management should kick against such move to bring sanity and make the elite league function better.

“This requirement is in books but often overlooked, now we want to implement it to the later as part of our reform.  This is obtainable in most top football league around the world. May be not to the extent of asking clubs to submit bank guaranty, but there must be evidence of liquidity and no bankrupt club is allowed to participate in the league.”

According to LMC chairman Nduka Irabor, the league aims to protect the players.

 
“The delineating and structuring of the provision of the performance guarantee is consistent with our objective to protect the players and ensure that only clubs with financial and organization means are admitted in the league.”
 
“I understand that people are resistant to change and club managements are not exceptions. However, it is important that we enforce this as part of our reform.  We realized that it’s only when players’ remunerations are regular and stable that these players get motivated to put in their best. This will go a long way to improving the quality of games we see in the league.” Irabor said.

“We are looking at the next five years or so, and we hope to deliver a Nigeria Professional football league we all will be proud of; where career minded people can make a wealthy living; where invested capitals can have an equitable return on investment (ROI).” Irabor went on to explain. “This is just the first phase in our transformation agenda.  More stringent measures will be taken and only clubs that meets the requirements will be allowed to run in the league.”