TROUBLED ZIFA yesterday heaved a sigh of relief after securing a stay of execution for their property in Bulawayo that was set to be auctioned by the Deputy Sheriff to offset a debt owed to financial CBZ Bank. The ZIFA house in Bulawayo was attached by CBZ Bank over a $1.5 million debt and was due to be auctioned at Holland Auctioneers on March 13.
Stand Number 13689 of Stand 321 Bulawayo Township, which houses the football body’s provincial offices, was under threat of going under the hammer.
But lawyers representing CBZ Bank, Gambe and partners yesterday wrote to the Deputy Sheriff in Bulawayo advising to cancel the sale of the property.
ZIFA and their president Cuthbert Dube had been cited in the matter which was filed at the High Court in March last year and in which High Court judge Justice Loice Matanda-Moyo ruled in favour of CBZ Bank and ordered the association to pay its outstanding capital debt of $1 054 747 together with $548 589 interest.
However an agreement seems to have been struck between ZIFA and the bank’s legal representatives and the provincial offices will continue to operate for a little longer than just the week they were facing.
“We kindly request you to stop or cancel the sale of the immovable property mentioned above until further notice since parties have reached an amicable settlement. We regret any inconvenience caused,’’ wrote Gambe and Partners.
The stay of execution came as a relief for ZIFA who only on Monday lost via an auction in Harare, the artificial turf at ZIFA Village in Mt Hampden, which was donated to the association by FIFA.
The turf has since been auctioned for $115 000 amid revelations that it is to be uprooted and laid at a private school in the capital.