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LMC, clubs approve N1.2 billion budget for new season

26 February 2014, 15:19Israel Ojoko

Lagos - The League Management Company (LMC) and managers of the Glo Nigerian Premier League clubs have reached an agreement to kick start the 2013/14 season with the approval of N1.2 billion budget, after a consultative meeting held on Tuesday.

Amongst decisions agreed upon is the kick-off of the league on March 7, according to a statement signed by LMC representative, Salihu Abubakar and secretary of club managers, Alloy Chukwuemeka.

“The meeting jointly affirmed that 2013/14 Glo Premier League season shall commence on the weekend of Friday March 7th 2014 through Saturday 8th and Sunday 9th. The meeting also agreed that Tuesday, March 4th shall be the cut-off date for return of all registration materials by Clubs to the LMC.”

“The meeting adopted the financial Report of the 2012/2013 Season and also approved LMC budget proposal of N1.2 billion for the 2013/2014 season.”

“The meeting once again reiterated that the provision of Performance Guarantee of N100 million from an approved financial Institution remains an irrevocable requirement for registration to participate in the 2013/2014 league season. However, clubs are allowed to provide the guarantee in quarterly installments of N25 million and any defaulting Club shall be liable to forfeiture of six points, six goals and a further withholding of the defaulting Club’s financial entitlement from the sponsorship rights.”

“The LMC has waived the payment of registration fees and insurance premium by clubs and further to this, the chairman Nduka Irabor charged the clubs to take advantage of the waivers to improve the welfare of Players and Officials.”

“The indemnity of match officials and commissioners was reviewed upwards by also 25% starting from the 2013/14 league season.”

“The LMC Chairman also announced a 50% increase in the Merit Award from N50 million naira of the 2012/13 season to N75million for the 2013/14 season.”

“To ensure equity in the schedule of live broadcast matches, clubs that have any of its home matches televised live shall receive N250, 000. However, if for any reason such as unsuitable stadium and security challenges, a club is unable to host live broadcast match, the home game of the club shall be played on any other television-friendly venue.”

“The LMC also announced the introduction of a bridging pension scheme in line with the pension fund act, for players in the premier league as part of efforts aimed at ensuring better future for the players after active football. The LMC shall pay the employers 7.5% portion of the contributory fund in the first year as required by law”, the statement concludes.

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