Sports News of Wednesday, 23 April 2014
The lawyers of Dr. K.K Sarpong, former Asante Kotoko Executive Chairman have written to the Porcupine Warriors demanding GHc590,000 owed him during his tenure of office with a one month ultimatum to deal with the payment., sources close to the former boss of Tema Oil Refinery (TOR) has confirmed to Allsports.com.gh
The debt emanates from the seed money contributed by then Directors of the club to embark on transfers in 2010.
Five Directors under the then K.K Sarpong’s led board contributed a total of GHc685,557 as a loan to the club, which they agreed to collect 15% interest per annum on the total amount.
Dr. Sarpong paid GHc536,247, which represents 78.5% of the total contribution made by the five directors of the club. Alhaji Lamini, Madam Agnes Osei, the late Jerry Asare and the late E.A Owusu Ansah were the other contributors.
He submitted this in his handing over notes and a forensic audit by the club certified it, hence influencing his decision to demand for the amount through his lawyers.
The former Executive Chairman of Kotoko was appointed in 2010 and resigned in 2013 after his three-year mandate ended. His tenure of stewardship recorded two consecutive league titles and two unsuccessful FA Cup finals.