Despite being the most successful club and arguably the biggest sporting brand in the country, Gor Mahia are nothing close to being financially independent.
In a shocking revelation over the weekend, the club’s chairman, Ambrose Rachier, disclosed that the Kenyan Premier League side is chocking in debt amounting to Ksh105.5 million.
Rachier spoke to a local vernacular radio station, Radio Ramogi, on Saturday.
According to a financial breakdown the city lawyer provided, Gor Mahia’s revenue streams provided Ksh111.8 million in the past one year against a budget of Ksh217.3 million.
International travel cost stood at Ksh72 million while salaries took away Ksh62 million.
The club managed to receive Ksh13 million from sale of players, Ksh66 million from their title sponsor, Ksh7 million from gate takings, Ksh15 million from the Confederation of African Football and Ksh400,000 from sale of merchandise.
Asked how he manages to cope with the huge burden, Rachier simply said “we beg.”
He also added that the club’s current structure limits its potential to do business and there’s an ongoing effort to change its existing constitution.