Media reports on Tuesday speculate the board chairman of Kotoko Dr. Kwame Kyei – who was executive chairman of the club until this late May – has decided not to take the GHC 7,537,995 million Asante Kotoko owes him but no official communication has come from the club or the board chairman regarding this matter.
The amount is owed to Unity Oil Company Limited which is owned by Kwame Kyei.
However the club has not given any public information regarding the financial position of the club and the current outstanding debt of the IFFHS Club of the Century is not known but media reports also indicate the current debt stand at a staggering GHC 12 million.
Otumfour Osei Tutu II has imposed a transfer ban on the club for at least one season in a move to curb the waste of resources on excess players that has bedeviled the Porcupine Warriors over the past three years.
Meanwhile the management team of the club was dissolved by the new board on Wednesday as a new one is to be put in place in the coming days.