AFC Leopards task force proposes mixed ownership model for club's future

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

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.

Pending ratification by the club’s Annual General Meeting (AGM) set for 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.

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.

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AFC Leopards’ transition into a corporate entity will be overseen by a special Transition Committee, dubbed the Corporate Committee. Comprising seven members—four from the Task Force and three nominated by the club’s National Executive Committee (NEC)—this committee will spearhead the legal incorporation of the SACCO and Holding Company. It will also develop commercialization strategies aligning with the club’s new governance model. The committee’s initial term will be one year, with an optional six-month extension.

Addressing Structural and Financial Challenges
The Task Force report highlights the club’s current structural inefficiencies and the urgent need for reform within Kenya’s Sports Act to enable seamless commercialization of football. Additionally, it identifies crowd trouble and hooliganism as barriers to corporate investment and stresses the importance of revitalizing the club’s traditional fan base to enhance match-day experiences and membership recruitment.

Furthermore, the report outlines key revenue streams critical for the club’s financial sustainability, drawing insights from successful football clubs worldwide. It values AFC Leopards at Ksh 2 billion, citing factors such as sporting performance, fan engagement, historical significance, and commercial potential.

The report is the culmination of six months of extensive research and stakeholder consultations conducted by an eight-member Task Force appointed by the club’s NEC on August 28, 2024. The committee was chaired by Vincent Shimoli, with Richard Ekhalie as secretary and club patron Alex Muteshi as treasurer. Other members included Laureen Ateka, Ngarua Kamuya, Clarence Jumba, Bramwel Aino, and Nelly Mwashi.