Mohammed Dewji, Africa’s youngest billionaire recently made a $10 million offer to purchase a controlling stake in one of the most successful soccer clubs in the East African nation’s premier league, Simba SC.
While aiming for the controlling shares (51% stakes) in the club, Dewji says “there will definitely be free shares for the members.”
Simba Sports Club popularly called Simba SC is a Tanzanian football club based in Dar es Salaam. The East African business mogul says it is his desire to restructure the team from the technical, talent and managerial aspects.
“I promised that if Simba members will okay my proposal of buying the club’s stake, then I will be ready to provide money for the club to sign the best players.”
He said on Friday that he wants Simba SC to be the best soccer club in Africa. Already the club has about 10 million fans.
“Simba fans need to see their club winning top honors and it is important that we recruit top quality players, hire outstanding coaches and if we set aside 4 billion per season, we will certainly be an edge above our competitors – Young Africans and Azam FC.”
According the richest Tanzanian, the sum of $2.5 million from the offer will be budgeted for the infrastructural development of the club’s stadium and training ground.
“With this amount, we will be above all clubs in the country and (will be able to) compete in all areas.”- Mohammed Dewji
A part of it also will be invested in a youth development program.
Dewji awaits the response of the club officials before further actions will be taken. Approving the billionaire’s offer will demand as well that the club’s constitution be amended to accommodate the idea of making Simba SC a limited company.
Speaking like a business man that he is, Dewji is expecting a 17.5% interest rate for his $10 million investment in the club.
Mohammed Dewji, CEO of MeTL Group of companies has been a keen benefactor of Simba SC.