SELLING the Trinidad and Tobago Football Association's (TTFA) most prized asset - the Home of Football (HoF) in Couva - can almost halve its disturbing $98.5m debt.
The HoF has an estimated value of $42.5m and is now considered an option for re-sale to assist the association in significantly reducing its hefty bill.
This was confirmed in a statement by the normalisation committee (NC) on Monday which revealed its decision to appoint chartered financial analyst Maria Daniel to manage the TTFA's debt repayment proposal.
The NC said it notified the supervisor of insolvency of its intent to make a proposal under the Bankruptcy and Insolvency Act of TT which will enable a structured approach to the restructuring of the TTFA and the preparation of a fair, transparent and acceptable payment proposal to address the debt.
After outlining her detailed itinerary to meet with, review and verify the claims of TTFA's creditors to then implement a payment proposal, the HoF remains a valuable asset on the bargaining table towards TTFA's financial recovery.
The statement said an independent third-party valuation will be conducted to determine the total value of TTFA's assets as it seeks to reduce its massive debt.
'At this stage, all options are on the table; the sale of the Home of Football is definitely an option,' it read.
According to an article on Inside World Football on October 8, the deed for the ownership of the land on which the HoF is built (and which FIFA provided grant aid to build), had not been secured in the name of the TTFA from the government.
Minister of Sport and Community Development Shamfa Cudjoe on Wednesday, however, cleared the air on the land's ownership.
'The land is state land which is being leased to TTFA. The lease has not been perfected as yet. The government, as committed, will perfect the lease for the land on which the Home of Football has been built in favour of TTFA. Once perfected the TTFA will be able treat with the asset as they consider appropriate,' Cudjoe said via WhatsApp.
In 2018, then-TTFA president David John-Williams said a US$2.5m (TT$16.85m) grant was given to the association to build football's new home.
The HoF project, he said, was the first fully funded FIFA Forward project - the organisation's initiative to provide 360-degree, tailor-made support for football development.
The TT government, however, supplied the TTFA with the 17.5-acre parcel of land on which the facility stands.
With the fraternity's most prized possession now possibly up-for-grabs to the highest bidder, Veteran Footballers Foundation of TT president Selby Browne believes it would be a harsh decision to part ways with the association's most valuable asset.
'I supported John-Williams with the Home of Football because he did it at his own peril. He was abused and labelled for mismanagement but his actions caused the TTFA to have a million-dollar facility, and in reality, the TTFA's only prized asset more than its 100 years in existence,' Browne said.
Newsday also reached out John-W
