Olympics Management Committee wants accounts audited

The management committee of Accra Great Olympics has set in motion a machinery to get the accounts of the club for 2002 audited in line with their determination to operate a transparent and accountable administration.

Consequently, the committee has written to the Board of Directors of the club to appoint auditors to carry out the process. It has also sent copies of the 'final account' for 2002 to the Board for examination.

In a letter dated May 19 and signed by Mr Richard Oblitei Solomon and Mr Frank Davies, chairman and member/secretary, the management committee promised to make available source materials to the auditors when they are appointed.

Mr Solomon told the GNA Sports that the management committee would not like to usurp the functions of the Board whose duty it is to appoint auditors to look into the books of the club.

He said as much as the members of the committee would like to keep their heads above water in the administration of the club, they would require the cooperation and support of the Board in their deliberations and called on all segments of the club to be responsive to their obligations in their determination to move the club forward.

A scrutiny of the balance sheet of the club as at December 31, 2002, which was signed by Mr Oloboi Commodore and Mr. R Fleischer Djoleto, Finance Officer and Financial Controller respectively, showed that the club recorded a total expenditure of 893,882,575 cedis and a net deficit of 517,352,532 cedis.

Its fixed assets stood at 37,877,850 cedis and its current assets tally up to 228,360,797 cedis. The current liabilities of Olympics for the period stood at 753,591,179 cedis out of which 571,565,990 represented contributions from members of the management committee.

In the transfer market for the period under review, the club incurred a debt of 153,900,000 cedis to 15 clubs for players who have been bought to strengthen the team for the current season. The largest creditor was Liberty Professionals, which got 40 million cedis while Super Abease Stars priced their player at 1,200,000 cedis, the least in the transfer deals.

Great Olympics earned 335,269,993 from gate takings while it raked in 150,500,000 cedis from the transfer of players and 25,000,000 cedis from sponsorship.

An amount of 13,500,000 accrued to the club from donations from six persons, with the highest gift of 10 million cedis coming from Mr Amarkai Amartefio. Other donors included Justice George Lamptey, a director of the club, Alhaji Mohammed Bimbo, Nii Kakai Bubui, Mr Smart Abbey and Mr and Mrs Amoatey