Africa’s youngest billionaire and Tanzania’s richest man Mohammed Dewji, has made a 10 million dollar offer to purchase controlling shares of one of the most successful soccer clubs in Tanzania Premier League.
Dewji wants to purchase a 51 per cent stake of Simba SC club. He envisions transforming the local soccer club into Africa’s most successful soccer club by hiring high quality player and investing in key infrastructure which includes setting up a modern Simba SC stadium and training ground in the outskirts of Tanzania’s capital city Dar es Salaam according to Forbes.
Founded in 1936 by community leaders, Simba SC has been constantly ranked as one of the top three clubs in the East African nation’s league. Although the club has over 10 million fans it has been struggling with funding and cash flow problems.
Simba fans need to see their club winning top honors and it is important that we recruit top quality players, hire outstanding coaches and if we set aside 4bn/- per season, we will certainly be an edge above our competitors – Young Africans and Azam FC,” Dewji said at a press conference in Dar es salaam on Friday
Simba SC main competitors are Azam FC, a club owned by multimillionaire Said Bakhresa and Young Africans, which is owned by local businessman Yusuf Manji.
Dewji has been a key sponsor and supporter of Simba SC over the past few years but his offer awaits approval by the clubs officials, which will include changes in the clubs constitution to make it a limited company, before it can be appraised by regulators.
The billionaire believes that the interest rate will represent an increase of 17.5 per cent of the initial seed money.