Real Tamale United (RTU) have resorted to the floatation of shares to attract strategic investors to take over the club and save them from their current financial predicament.
Since their demotion from the topflight a few seasons ago, the ‘Pride of the North’ have been saddled with some financial challenges, especially after losing that lucrative sponsorship deal from Wienco Limited.
But in a frantic bid to save the once dreaded club from collapse, the club’s Board of Directors has resorted to raising fresh equity of about GH¢1 million to give the club a badly needed lifeline.
A resolution to that effect which was adopted by the board at its extraordinary meeting on Monday, March 28, 2016 was to enable the club to “recapitalise to facilitate the funding of its on-field and off-field activities going forward”.
A statement signed by the Board Secretary of the club, Jones Alhassan-Abu, said after a thorough analysis of the financial state of the club, vis-a-vis the board’s avowed commitment to return the club to the Ghana Premier League next season, it was realised that the best option was to seek fresh equity from interested investors from the public.
“Consequently, the board wishes to invite indivduals and corporate entities within the general public, especially high net-worth persons desirous of investing in football to come on board to buy a stake in the equity of this ambitious club with an interesting project that holds enormous growth potential.
“Prospective investors are assured that with the recapitalisation process over, the club will be driven by a customer-centred, business-minded corporate governance system, modeled on international best practices characterised by the tenets of transparency, probity and accountability to engender a period of growth, sustainable sporting success and commercial viability,” it stressed.