KUALA LUMPUR: Do not spoil the market.
This was one of the calls made by Youth and Sports Minister Khairy Jamaluddin to the National Sports Associations, who failed to justify their sponsors’ “huge” investments on their elite and development programmes.
Khairy said that his ministry was keeping a close tab on how the associations managed funds that come from the private sectors.
“Their book-keeping must be in order and their spending transparent,” said Khairy.
“Although the ministry cannot be directly involved in matters between a private company and the associations, I hope they don’t think that we’re not watching. I’ve had complaints from corporations saying that they are not happy with how their investments are used.”
Khairy said that the degree of competency in managing sports associations in Malaysia varied.
“Some are run extremely well. They have very good corporate governance and good practices as far as auditing their accounts. They service their sponsors and investors well,” he said.
“But there are those with some weaknesses in managing their accounts and finances. We are trying to strengthen these associations.
“There is a need to have professional managers to manage the finances or full-time executives to ensure that the sponsorship money is invested properly.
“Last year, we suspended the MNCF (Malaysian National Cycling Federation) for a clear breach of governance. There need to be corrective measures at times.”
Khairy also applauded Astro for being proactive in supporting Malaysian sports.
Astro presented a RM2mil sponsorship to the Olympic Council of Malaysia (OCM). The amount is to be shared by 13 NSAs, excluding the sepak takraw association, who will get an exclusive and separate deal.
The associations who will enjoy the sponsorship boost are cycling, rugby, cricket, basketball, netball, volleyball, table tennis, karate, taekwondo, gymnastics, squash, boxing and hockey.
“I encourage more private companies in Malaysia to follow suit and play an important role in developing Malaysian sports. Only through our collective efforts that we’ll be able to create a strong and successful sporting nation,” he said.