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Dube vows to clear Zifa debt by 2017

Vow to liquidate Zifa's $5m debt ... Cuthbert Dube with Zifa CEO Jonathan Mashingaidze

23/06/2014 00:00:00
by Sports Reporter
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ZIFA President Cuthbert Dube has said liquidating the association’s US$5 million debt which has been crippling national football’s governing body’s operations remains his top priority.

The Zifa boss announced a raft of measures including some austerity plans which he believes will gradually turn the Zifa books from red to black.

Dube told the association's official website that after cleaning up the game from the match fixing scourge that plagued Zimbabwean football, his board which was elected on March 29, had set new benchmarks for the growth of the game in the country.

He said it was important that they liquidate the debt which has hampered operations and also affected the association’s creditworthiness.

“The Association is committed to servicing the growth and development of football in Zimbabwe,” said Dube.

“The Association is seized with retiring the US$5million debt through a robust approach driven by competent and professional individuals.”

Some of the measures Dube is proposing include:

  • Austerity measures or reduction of costs through 5% savings on expenditure.
  • Increase income via revenue streams (ongoing)
  • Restructuring of liabilities with creditors.
  • Repayment of loans over a long period.
  • The loans can also be consolidated on.
  • Raising more capital via investment in farming, mining, entertainment etc, obtaining grants from benefactors.
  • ZIFA Village to be turned into a vibrant business.
  • ZIFA to engage creditors on the waiver of the debts.
Dube also said the austerity measures would see the association’s US$5million debt cleared by 2017 and that the Zifa Assembly would at their extraordinary general meeting on 26 July further discuss debt retirement strategies with councillors.

“ZIFA is a non-profit making organisation since it is a service organization. ZIFA has also engaged FIFA on the formulation of the debt servicing strategy. ZIFA’s debt servicing strategy will be adopted by the ZIFA Assembly on 26th of July 20,” he said.


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