Premiership campaigners, Real Sportive have announced the abrogation of their partnership with European strategic investor, Autumn Moon Limited.
According to a joint release issued on Friday by the two sides, both “parted ways on a very amicable and cordial note and there has been no acrimony whatsoever between the two parties,” part of the statement explained.
Both sides also dismissed reports that the decision to end the pact was as a result of a purported attempt by Herbert Mensah (pictured on the left), broker of the pact, to change the name of the club.
“It is important to note that stories making the rounds that differences arose between the two parties over an attempt by Mensah to change the name of the club are totally unfounded and ludicrous to say the least.”
The decision to end the deal was at the instance of Autumn Moon Limited who had budgeted 1 billion cedis for the club’s league campaign but that figure rather shot up by two-fold.
“The two signed a pact that required Autumn Moon to finance the club to the tune of not less than one billion old Ghana cedis.
“That arrangement led to Autumn Moon financing the entire league campaign of the club during the last season and saw the hiring of Messrs Peter Vollmann and later Momcilo Medic as coaches of the club.
“Indeed provisional accounts prepared indicate that not less than three billion cedis was spent by Autumn Moon on Real Sportive in the last season.
“That arrangement was subject to review at the end of the season and following representations made by Autumn Moon after its annual general meeting it recommended that the financial support arrangement should not continue into the new season.”
By the termination of the pact, both parties have agreed a deal that would see the strategic investor recoup their investment in Real Sportive.
“Subsequently at a meeting of the Board of Directors of the club on Sunday July 22 the news of the withdrawal was passed onto the Chairman of the club, Alhaji Y. A. Ibrahim.
“At the said meeting the two sides parted ways with an understanding to fashion out a machinery for Autumn Moon to recover its investment in Real Sportive without it affecting the 2007/2008 premiership campaign of the club.”
The parties also explained the role Herbert Mensah in the whole arrangement insisting that the former Asante Kotoko and King Faisal executive had no direct involvement in the affairs of the club.
“To set the records straight we wish to emphasize that Herbert Mensah has never been directly involved with Real Sportive FC.
“At the beginning of last year following discussions with Mr Mensah, he successfully brokered a deal between Real Sportive and an European consortium of investors led by Autumn Moon Limited.”