Posted: Monday 2nd April 2012 at 12:05 pm

Kotoko Set To Make First Payment To Schmidt

Kotoko set to make first payment to Schmidt

Dieter Schmidt smiles all the way to the bank

By Ameenu Shardow

Asante Kotoko will in the course of the week be making an initial payment of $40,000 to former coach Hans Dieter Schmidt, GHANAsoccernet.com can exclusively reveal.

The payment will be the first of a series made from the club’s quota of the league’s sponsorship package to the German as compensation for his wrongful dismissal in 2005.

Kotoko have been ordered by Fifa to pay a whooping 99,000 Euro to the 64-year-old of which they will be making the first payment of $40,000.

This means about $91,000 will still remain outstanding after the first tranche is paid to Schmidt.

The club hopes to raise funds from its supporters across the globe to offset the remaining debt.

Kotoko is also to pay $6,500 in refunds to Turkish side Gencelrbirligi following the transfer of Adamu Mohammed back in 2008.

The club was on Monday informed of a fresh payment to be made for the transfer of Shilla Illiasu t Russian club Saturn FC in 2006 plus an incurred extra cost of 12,000 Swiss Francs in legal charges.

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