Asante Kotoko’s indebtedness stood at over GHS 3m (almost $1.5m) at the time Dr. K.K Sarpong took over the club in 2010 and not GHS 1.5m (about $700,000) as being suggested.
This was revealed in the audited accounts prepared by AsamoaBonsu & Co – Kotoko’s external auditors.
The Dr. Sarpong-led board were accused of worsening the financial books of the club during their three-year reign by incurring more debts to further plunge the club in deep waters.
This impression was reinforced during the induction ceremony of the new Kotoko board at the Manhyia Palace.
But however it appears from Kotoko’s audited accounts that the erstwhile board under Dr. Sarpong’s leadership took over the club in a much worse financial condition than being purported.
Kotoko’s debts in account payables, to Kotoko Express (the club’s newspaper), accruals and overdrafts as itemized in the audited accounts report in 2010 stood at GHS 2,834,973 ($ 1, 323,215.14).
This amount however soared to almost $1.5m with the inclusion of outstanding loans which stood at GHS 177, 590 ($82, 889.60) in 2010 before the coming of Dr. K.K Sarpong.
This revelation means the Dr. Sarpong administration had a bigger problem with outstanding club debts than being widely suggested.
“I am happy you have a copy of the audited accounts and I am sure for all those who now have it, they will see the true financial challenge we were faced with,” ex Kotoko International Relations manager manager Kwame Baah Nuakoh told Metro FM.
“I also heard we left a huge debt to the tune of 30b [old cedis](almost $1.5m) when we were leaving office but we all now know per the audited account report this wasn’t the case.”