Determined to develop sports and sporting facilities to international standard, the Lagos State Sports Trust Fund yesterday unveiled its masterplan for sports development in the state.
Chairman of the trust fund and former Lagos State deputy governor, Otunba Femi Pedro revealed that idea was to save the government the burden of solely financing sports; hence the Public-Private Partnership model was adopted.
His words: “Sports Trust Fund has been tested successfully in many nations with well developed sports facilities and infrastructure and successful athletes development.
“Our vision is to be a world-class trust fund, propelling Lagos to become the leading sports hub in Africa. Our mission is to raise and manage fund for the sustainable development and promotion of sports in Lagos.
“The central core of our business is fund raising for sports development, using the public-private partnership model. We are therefore set to collaborate with the private sector in general, non-profit organisations, sports equipment manufacturers, sports betting companies, donour agencies, high net worth individuals, high profile elite athletes, media organisations and the general public.”
Otunba Pedro further explained that the collaboration could be in form of cash and grant, donations of sporting facilities and equipment, sponsorship of athletes, sporting events, media space, branding of sports facilities and event venues, sales of sports memorabilia and many more.
He disclosed that the state government had provided ample support at take off, and other funding support, just he pointed out that the law establishing the LSSTF mandated that 10 percent of funds generated by the State Lottery Board be paid annually to the trust fund.