Hearts of Oak have responded to widespread reports in the media that the club had secured a sponsorship deal with Singaporean kit maker, Mafro.

These media reports came days after Asante Kotoko announced the signing of a three-year kit sponsorship agreement with the same outfit.  Kotoko per the agreement will be provided two set each of home and away kits, casual wear for players and officials, training kits, tracksuits as well as polo shirts for management members.

Mafro Sport will also be making an annual payment of $50,000 to the club.

However, Hearts have explained why they did not go for the deal.

Full statement

It has come to the attention of the management of Accra Hearts of Oak SCL of allegations of ineptitude on the part of management with regard to its failure to sign the kit sponsorship received from the Mafro Group.

The Club would like to state that on the contrary, it chose a more prudent and less risky option of paying for its kit rather than having it sponsored.

The Club would like to inform all that, after careful considerations, it came to the conclusion that the structure proposed by the sponsors entailed some serious financial and business risks which it was not prepared to take.

When the club considered the quantity of replica jerseys (10,000) required to be purchased before the benefits of the kit sponsorship could be enjoyed, and the expected retail price that the jerseys would have to be sold, it was of the view that the whole deal was too risky and the chances of recouping the investment made would have been very slim.

It is also important to note that the Club’s decision was informed by its experience with the JAKO deal a few years ago which had the same structure.

Consequently the Club took the safe option and rather decided to buy the playing kits outright (which was purchased about two months ago).

The Club wishes to assure all supporters that it is happy with the quality of the Mafro Jerseys and is considering putting in place a less risky structure to make the replicas available at the right price.

The Club would want to assure the general public that current management would not like to unnecessarily expose the Club to any financial nor business risks which will endanger its financial stability and derail the strong foundations it intends to put in place.

Presently, we would want all to know that, the overwhelming and urgent need is the building of the Phobia Brand. This requires decisions grounded in prudence and sound business principles and not on unsustainable emotional risky considerations which will rather jeopardise its future.

We are therefore entreating all our supporters to remain calm whilst current management lays the ground for sustainable future glory.

Issued by Hearts of Oak Sporting Club Limited.

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