23 February 2013

Zimbabwe: Rosen Clears the Air

MOTOR ACTION owner, Eric Rosen, has stepped into the unfolding drama related to the proposed partnership deal between his club and Harare businessman Farai Jere. The former CAPS United vice-president revealed this week that he wasn't going into bed with the Mighty Bulls because his focus was on resolving his boardroom issues at the Green Machine.

Jere said he wants his shareholding case at CAPS United resolved first before he can consider his next move.

Reports yesterday suggested that Rosen was disturbed by Jere's decision to withdraw from the proposed sponsorship deal when they were on the verge of putting pen to paper.

The reports also claimed that Jere was the one who approached Rosen for the partnership.

Yesterday, Rosen gave his side of the story.

"I would like to correct the wrong perception made today (yesterday)," Rosen said in a statement.

"Motor Action made a press release in early January to advise of its intention to seeking partners and sponsors for the forthcoming season to avoid the financial difficulties encountered in funding the club during the last season.

"Hot Sports were appointed as the Marketing Consultants who approached numerous Corporate Firms for Sponsorship and some individuals to partner the club.

"A well known soccer enthusiast and prominent businessperson, Mr Farai Jere, was also targeted by our consultant which resulted in numerous discussions with his advisor that finally lead to a direct informal meeting between myself and Mr Jere.

"All aspects of the club were communicated to him whilst he also advised his own precarious position to resolve his own outstanding issues with his former club."

Rosen also shed light on the ground they had covered in the negotiations and said both parties, Motor Action and Jere, have received unfair media coverage over the proposed partnership.

"It was, however, agreed that I would provide him with a valuation of the club for his consideration to partner the club on a business module," Rosen said.

"Incorrect information was published in both the electronic and print media that have had adverse effects on the partnership and sponsorship proposals for the club.

"I am almost certain that my friend and counterpart shouldered and suffered the same adverse effects.

"The facts are that the valuation exercise is currently being undertaken that will include the franchise, players, assets and the sports club that is under lease."

Jere recently said having invested US$1,4 million into CAPS United, in the past seven years, it was grossly unrealistic to suggest that he could now have US$1 million to plough into Motor Action to acquire a stake in the club.

He added that challenges that had driven him from his role as a CAPS United director were both legal and complex but they hadn't dissolved his passion for the club to suddenly make him a man who could invest in the ownership of another team.

The Harare businessman said his present challenge was to recover the 25 percent stake that he has in CAPS United and the US$1,4 million that he invested.

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