The future is bright for AFC Leopards as Task force hands over a report that will see Ingwe go Corporate

AFC Leopards, Kenya’s oldest and most supported football club, is on the verge of a historic transformation following the release of a much-awaited Corporate Task Force report.

Late last year, Dr Shikanda commissioned a task force to collate and collect views from members on how the future of AFC leopards should be.

The task force which was chaired by Vincent Shimoli, had a six month mandate which lapsed in February had the following terms of reference

AFC Leopards Corporate Task Force Terms of Reference.

1. To undertake a Transition from the current state of the Club to Corporate Status.
2. Undertake Civic education amongst members of the club and other stakeholders on
   the significance of transitioning from the current club’s status to corporate status.
3. To undertake a comparative analysis with other Football clubs that have transited to
   corporate status.
4. To undertake a study and recommend the different models of corporate status with
   respect to shareholding models.
5. To undertake and recommend on the various ways of professionalizing aspects in
   respect to marketing, financial management, human resource management.
6. To develop a model on valuation of the club with regard to the Nominal and share
   capital bases and subsequent valuation of unit shares.

The report, released on March 4, 2025, recommends shifting from a society-based structure to a corporate entity, adopting a Mixed Ownership Model to ensure sustainable growth and governance.

The task force was chaired by Vincent Shimoli,with Richard Ekhalie as secretary and club patron Alex
Muteshi as treasurer. Other members of the committee are Laureen Ateka (assistant secretary),
Ngarua Kamuya (consultant), Clarence Jumba, Bramwel Aino and Nelly Mwashi.

Pending ratification by the club’s Annual General Meeting (AGM) set for 30th March 2025, the report outlines a governance shift designed to balance financial investment with fan ownership.

The proposed Mixed Ownership Model follows the globally recognized 50+1 rule, which ensures that club members and supporters retain at least 51% ownership while allowing private investors to hold a 49% stake. This structure safeguards the club’s identity and prevents external investors from gaining full control, prioritizing long-term sustainability over short-term gains.

An Investment SACCO will also give members an opportunity to increase their individual
investment according to their financial ability, thus increasing their chances of higher
returns in terms of loans and dividends

Richard Ekhalie

The report proposes the establishment of three key entities: a Holding Liability Company at the top, alongside two corporate bodies—a SACCO (Savings and Credit Cooperative Organization) for members and an investment vehicle for strategic investors. The SACCO will hold a 51% stake, giving members both governance rights and financial benefits such as loan access and potential dividends. The remaining 49% stake will be allocated to strategic investors, ensuring capital infusion for growth. Representation on the Holding Company’s Board of Directors will be proportionate, with SACCO members occupying five seats and strategic investors holding four.