PwC Jamaica and NCB Capital Markets Limited are independently working with Professional Football Jamaica Limited (PFJL), to support the equity monetisation for three Jamaica Premier League (JPL) clubs. 

In what is regarded as revolutionary and game-changing for the JPL and football nationally; PwC will act as advisory consultants working with each of the clubs to assist with the preparation of a business plan to be issued to prospective funders, along with the development of an indicative valuation and financial projections/financial model, and to advise on covenant setting. 

PwC will be liaising with NCBCM acting as financial advisors.  

Together, in their independent professional capacities, they will work with each club to determine their most viable equity option; while NCBCM may opt to broker the equity deals for each club. 

The desired outcome is the strengthening of the clubs attained by improved funding and governance. 

For Chris Williams, who has served as chairman since the first season under the new PFJL, this will continue to prove that, “there is money in football, and it is time to grow the local industry as an attractive and viable business sector.”

Ultimately, the return on investment is beyond business outcomes, which all partners recognise. 

“PwC Jamaica is extremely proud to be assisting in this very critical sporting activity which is so important to so many communities and is a great platform for the advancement of many of our young males in these communities,” said Wilfred Baghaloo, a PwC partner for deals in the southern Caribbean.

“Football in Jamaica is a positive force that brings communities together and reinforces a sense of discipline and teamwork among our youth. This venture stands to provide the clubs with the capital needed to accelerate the growth and development of the League and the sport at large. Globally, the business of football has been widely successful at generating wealth, with several clubs listing on stock exchanges. As a sector, sports in Jamaica have largely been underfinanced, especially when compared with the level of investment made by the private sector in other countries.  We see this as the first step to changing that reality. We are excited to be a part of this ground-breaking initiative that will elevate the sector and offer players, fans, and other stakeholders a seat at the table.  Providing wealth creation opportunities for all through investments fits squarely within NCBCM’s philosophy, we are grateful to be at the helm as football in Jamaica enters a new era,” noted Sekou Crawford, assistant vice president of NCB Capital Markets in Jamaica and the northern Caribbean.

The JPL participating clubs are Arnett Gardens FC, Montego Bay United FC, and Portmore United FC. 

All these clubs offer attractive value propositions that will allow them to leverage the financing received.   Arnett Gardens, one of the most popular clubs in the league, has strong community ties and one of the best stadia in Jamaica, which are considered valuable assets in building the club. 

Montego Bay United, which also owns its facilities that can be expanded to host special tournaments and events, will keep its focus on both player development as well as the international event market for football. 

Portmore United, four-time JPL champions, will leverage their on-the-pitch successes and continue their journey of growth and transformation.

In articulating what this represents to them, the clubs had this to say:

“This demonstrates the focused efforts of Portmore United to continue on its path of professionalisation – on and off the pitch.  With a successful IPO, the club would be able to continue its expansion, which would include the development of a professional women’s team, as its first initiative, as we see women’s football at the highest level in Jamaica to be deserving of such investment,” said Gary Sinclair, director of Portmore United.

Arnett Gardens is also focused on players’ development and advancement and sees an IPO as an opportunity to attain its goals in this area.

“By individuals and institutions putting forward the investment, we can focus on bringing the components together to successfully recruit and develop players for the international transfer market.  This will open doors for us, so we will be able to search for the best talents, which will ultimately raise our quality of football in Jamaica,” argued Peter Thelwell, general manager of Arnett Gardens FC.

Thelwell added that “we are enthused by the opportunities that the venture will open for the business of football, and AGFC would like to extend its appreciation to both PwC and NCB Capital Markets for the confidence they have shown in Jamaican talents and local football.”

With a clear international focus, Montego Bay United FC considers this initiative as one that could definitely move Jamaica’s football to become a significant product like music and athletics.

For Orville Powell, president of MoBay United, “We can now be properly capitalised, with stronger governance and go forward as a business. For professional football in Jamaica, this is a bold step in the right direction, and I am looking forward to what will follow for other clubs and the league.”

The PFJL signed separate independent agreements with these professional advisory and financial institutions on July 14.  The project begins formally on July 18.