- February 7, 2021
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Federation of Motorsport Clubs of Uganda clears sh55m debt
In a move to set motorsport to another level, the new management of the Federation of Motorsport Clubs of Uganda(FMU) has cleared one of the organization’s oldest debts of Sh55m that was accumulated by the old management.
This was announced by the new FMU President Dipu Devesh Ruparelia, who revealed at FMU’s Annual General Meeting held at Lugogo on Saturday, that the debt was a loan taken from Prime Finance Ltd which had remained a burden to the organization.
He added that the federation had signed a Memorandum of Understanding with Development Infrastructure(DI), an Arua based firm to take to West Nile.
“DI is providing 100% of the financial muscle to develop 30 acres of land to build a motorsport arena to cater for rallying, motocross, karting and drifting event, while FMU is providing strictly technical support at this initial stage and upon completion, FMU shall own 10% shares from the project,” Devesh said.
He also said that the federation intends to start a constitutional review process within the next 4 months to ensure that governance challenges are streamlined.
“A committee led by our Electoral Commission shall guide this process to its logical conclusion as soon as possible,” Devesh said.
Meanwhile, President Devesh said that despite limited resources to boost the motorsport industry, the federation was able to organize round one of Motorcross, National Rally Championship(NRC) as well as MX round one in its existence.