Molome stillat Chiefs' helm... for now
Boitumelo Khutsafalo | Thursday October 24, 2013 15:00
Mogomotsi, however, said Molome remained in the position while Busang is the chairperson of the company, Ribbon Investments, which is currently running the club.
He said the process of disbanding the society was still ongoing.
Management has called a special general meeting billed for November 3 where the membership will be updated on the club’s transformation.
The membership is expected to agree to disband the society and pave way for the formation of a trust.
“The trust has not yet been formed because we are still going to agree to disband the society, then form it,” Mogomotsi said.
He said supporters would still own10 percent in the trust and vote for a representative who would sit in the board.
“People should understand that everything that we are doing now was not planned yesterday. The general membership gave us the mandate to privatise this club a long time ago,” he said.
Supporters gave management the go-ahead to privatise the team at a general meeting in June and agreed on the model and percentages of how the shares would be allocated in the trust.
By then, according to Mogomotsi, they already had a suitor who was interested in investing in the club.
There are fears of a leadership crisis once Molome relinquishes his post.
However, he is expected to join the board once the trust has been formed. Molome has been credited for turning the club into what it is today.
The club tasted its first Premier League title under his chairmanship. They also managed to attract big name players who have turned the club into a force.
However, Mogomotsi said Molome had shown interest in joining the new company as an investor. Molome has been awarded shares in the new company.