Premier League explains N50m bond
The Nigeria Premier League (NPL) has cleared the air on the proposed N50 million (around $320,000) bank bond.
Chairman of the Premier League's Interim Management Committee (IMC), Nduka Irabor, told supersport.com on Friday that the bond is "a divisible bank guarantee from the clubs" to meet their financial commitment for the 2012/13 season.
"The N50 million bond is a divisible bank guarantee from the clubs which is not in cash. Football is business. We want the clubs to show that they have the strength to be meet their financial obligation in the league.
"We don't want situations where we have to wait till a committee sits over a crisis bordering on finances. We have had situations in the league where players do not get their wages at the end of the season and this we want to avoid.
"Apart from that, there are all kinds of penalties and infraction in the league rules and regulations. For example, if a club is fined a said amount of money for breaching any of such rule and regulation and is expected to pay before their next game and do not pay and yet take part in the next game, do you think they will take the league seriously?" Irabor asked.
The Premier League committee chief also revealed that the bank bond proposal became important since a club in the top flight spend not "less than N150 million (around $959,000) per season."
"The bank bond is only for the clubs to show that they can financially cater for their expenditure that especially include wages because on the average of a season, a club won't spend anything less than N150 million per season," he said.
Irabor also explained that the Premier League had to re-adjust the ongoing Super Four fixtures owing to logistic issues.
He added that same decision was taken to put the draws for the 2012/13 season on hold.
"We had to reshuffle the fixtures for the Super Four due to logistics, which has affected the draws as well as the seminar. But the draws will hold on a later date but not in Kano," disclosed the Premier League's IMC boss.
The IMC has been saddled with the responsibility of recommending administrative solutions to running the Nigerian top flight.