Harambee Stars forward and captain Michael Olunga’s bid to own Swedish third-tier side AFC Eskilstuna has been stopped by what the Swedish club board claimed were financial discussions.
AFC Eskilstuna has been financially unstable in the recent past, and despite Olunga’s willingness to invest a staggering Ksh 50 million, the club’s top management decided not to proceed with the deal at this time.
The Harambee Stars captain spent the early years of his football career in Sweden and, last month, he decided to answer the financial distress call from AFC Eskilstuna.
Club CEO Statement
A statement from the club CEO read in part: “We have held progressive discussions with Michael Olunga Football Academy (MOFA) on a valuable win-win investment in AFC Eskilstuna, and these discussions have led both parties into closer proximity now.”
However, expressions from the club’s board have stressed the need for a deeper look into the financial discussions. These reservations have slowed down the acquisition process.
“We have limited financial background information on this complex investment, and various signs proven impossible to surmount have risen, hindering us from reaching a mutual agreement. Our due diligence commitment must be observed before closing the deal,” the club board noted.
Future Negotiations
However, the club’s management has shown interest in holding future negotiations with MOFA, which has remained optimistic after the second invite to return to the negotiating table when ready.
“Our dialogue with Michael Olunga Football Academy remains open, but we cannot agree on investment at the moment. A thorough review by the club’s legal team must be performed as we owe this diligence to our esteemed members. AFC Eskilstuna continues to engage potential investors, and we again welcome Michael Olunga Football Academy for negotiations if they are interested.”
Kenyan Internationals and Financial Struggles
Kenyan international footballers Frank Odhiambo and Meja Henry feature in the Swedish AFC Eskilstuna club, which has been evicted from the municipal facilities it has been using for its operations amidst their financial woes.
The club has plunged into huge debts amounting to SEK 500,000 (KES 6M) on top of SEK 3.3 million (KES 41M) as a demand for repayment from the Agency for Growth Sweden.
Additionally, the club received short-term support funds for the COVID-19 period, which are also due for repayment.
A New Chapter for AFC Eskilstuna
AFC Eskilstuna’s sporting director, Mikael Larsson, is actively facilitating the club’s acquisition by Olunga’s side, and he is expected to make a potential return to the club upon successful take-over by Michael Olunga Football Academy (MOFA).
The acquisition could mark a new chapter in the history of the troubled club, which has been through several transformations, changing its name from the original FC Café Opera to Väsby United to AFC United in 2012, and eventually rebranding to AFC Eskilstuna in 2016 after relocating to the city of Eskilstuna, 110 kilometers west of Stockholm.
Home Ground and Future Prospects
AFC Eskilstuna’s home ground is the 7,800-seater Tunavallen stadium, and the team plays competitive football in Ettan, the third division in the Swedish football league. The club continues to engage in viable discussions on how to stabilize its turbulent financial standing and preserve its rich transformative history.
