NASD, NPFL partner to list football clubs on capital market
NASD OTC Securities Exchange has entered into an agreement with the League Management Company (LMC) to work towards opening a sporting segment on the market where eligible football clubs may list.
The signing marks the kick off in a series of events that will ultimately lead to the privatizing of the football league away from the State governments who currently have majority stakes.
NASD in a statement made available to Daily Times at the weekend noted that market leaders have started to emerge. “Kano Pillars and MFM FC, who were both at the event indicated a strong interest in approaching the capital market and should soon start the preparation to be eligible to enter the OTC exchange.” a statement released by NASD said
The OTC securities Exchange further disclosed that it expects improved corporate governance and transparency in reporting will lead to higher levels of private investment in the clubs.
“As funding and application of such funds improve, we expect the League will become more attractive to corporate sponsorship.
Dividends of this certainly will be passed to the fans. We believe that football can contribute to economic growth and depth through the creation of jobs, expansion of the entertainment sector, tourist attraction, and timely remittance of taxes amongst many other economic benefits.
The next couple of months will determine the speed of entry and the number of entrants to the OTC market. Still the whistle has been blown and the market has opened. We look forward to creating liquidity, transparently for the winning teams.”
