The League Management Company (LMC) on Friday said it had approved the takeover of Gabros Interrnational FC of Nnewi by businessman and Chairman/CEO of Capital Oil Limited, Ifeanyi Ubah.
In a statement by Harry Iwuala, the LMC said the approval was because Ubah had completed the takeover of the Nigeria Professional Football League (NPFL) side.
“This followed an approval granted by the LMC and conveyed in a letter signed by Shehu Dikko, the LMC Chairman and Second Vice-President of the Nigeria Football Federation (NFF).
“By the approval, the club formerly known as Gabros International FC will now be known and addressed as FC Ifeanyi Ubah,’’ the statement said.
It added in the letter that Dikko said the approval has been granted consequent on the verification of Ifeanyi Ubah Limited’s compliance with requirements for takeover of clubs and change of name.
The LMC said the change of name therefore takes effect from Match Day 11 and all points accumulated by Gabros International FC has been transferred to FC IfeanyiUbah.
“After submitting to the very rigorous process put in place to ensure that only serious business-minded persons and corporate groups are admitted to club ownership,
“The LMC is satisfied that Ifeanyi Ubah has substantially met the requirement and has been granted approval to take over Gabros International FC”.
Dikko commended Ubah for patiently working to meet these requirements and said it demonstrated his commitment to operating and funding the club in line with the company’s Rules and Frame Work.
“The Rules and Frame Work, which have been designed to protect the institution of the league and also safeguard the interests of the players and other employees of clubs participating in the NPFL”.
The letter listed some of the conditions met to include but not limited to submission of the certificate of incorporation of the FC Ifeanyi Ubah as a limited liability company.
It said the company must be registered by the Corporate Affairs Commission (CAC), submission of a quarterly Financial Performance Guarantee issued by Skye Bank and the club’s business strategic development plan.
Source: www.uncova.com
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