By Enahoro Iyemefokhai Ojekere, Benin
Edo State government says it spent over N70 million to prosecute the promotion of Insurance Football Club to premier league in the just concluded season.
The State deputy governor, Philip Shaibu disclosed this during a Dinner and Award Nite organized in Benin-City by Edo Football Association to celebrate and appreciate football stakeholders in the state.
Shaibu, said the money was spent on players’ salaries, match allowances and winning bonuses.
In his words: “The state government spent a little above N70 million on Insurance since its rebranding last year. The amount was spent on salaries, match allowances and winning bonuses.”
He also disclosed that the state government raked in about N20 million from the sale of branded Insurance jerseys during the period, adding that the revenue generated was a demonstration of the willingness of sports loving members of the public in the state to take personal ownership of the club through subscription to its activities.
The deputy governor also hinted that the state government plans to build the financial base of the club to N500million in order to place it on a strong financial footing.
He explained that the plan to build the team’s financial base was informed by the fact that sports and football management globally is private sector driven.