Huge debt haunts Kotoko IMC

AFTER just a month in the driver's seat of Kumasi Asante Kotoko, the IMC headed by Sylvester Asare Owusu finds itself confronted with a mountain of debt left by the previous administration.

One by one, creditors have been submitting papers covering debts owed them by Asante Kotoko.


According to IMC sources, the biggest debt of ?277 million is owed to the Social Security Bank, ?60 million to the Kingsby Hotel at New Achimota in Accra and ?5million to the Stanchart Bank.


The IMC also found itself faced with the unpleasant responsibility of having to settle the balance of the signing fees of some of the club's players, some of whom had become utterly disillusioned at the time the IMC took office.


For instance, Nana Frimpong had a balance of ?20million to be settled while ?5million was still owed Joe Louis. In another development, the German FA has written to inform the GFA about an outstanding debt of $50,000.00 Kotoko owes its former German Coach, Ernst Middendorp.

According to sources at the FA, the amount is the balance of a $300,000.00 salary Kotoko had to pay the coach for the two years he spent with the club.


Under the contract between Kotoko and the Coach, Middendorp was to be paid $150,000.00 a year. In the event of the club not being able to fully honour its obligation, the shortfall was to be made up via the sale of a player through the initiative of the coach.


However, at the time of the coach's controversial departure from the country, no player had been transferred outside, hence the club's inability to pay the $50,000.00.


Meanwhile, the FA has reportedly replied the German FA that the IMC of Kotoko has been informed about the matter.