From Jervis Amo, Makurdi 

The Chairman of Lobi Stars FC, Terver Ikya, has revealed that he inherited debts exceeding N200 million upon assuming office, describing the financial burden as a major challenge affecting the club’s operations.

Ikya made the disclosure on Wednesday while addressing journalists during a review of the club’s performance in the Nigeria National League (NNL). He said the liabilities have continued to grow amid existing structural and administrative issues.

According to him, the club was grappling with low player morale, unresolved coaching disputes, and an oversized squad of 67 players when he took over.

He criticised the previous management, accusing them of running the club “like a charity organisation” instead of a professional outfit.

Ikya disclosed that part of the debt includes a ₦47 million court-ordered payment tied to a coaster bus loan. He added that the club is currently involved in over 16 arbitration cases, including one with former coach Daniel Amokachi.

Despite these setbacks, Lobi Stars finished second last season, narrowly missing promotion to the Nigerian Premiership.

“We are addressing these challenges to reposition the club,” Ikya said.
“Now that we have the opportunity to recruit our own players, I don’t think we have any excuse not to be promoted.”

He also confirmed plans to reduce the squad to 35 players and secure sponsorship deals, while assuring that salary delays caused by a banking transition have been resolved.

By Benue Info-pedia