Rinani Group Bhd has finally taken over Kuala Lumpur City FC, a month after announcing it had a majority stake in the football club.
Earlier, there was a ‘miscommunication’ when the financial consulting firm prematurely announced that it had acquired the controlling stake in the club. In reality, it had only signed a Term Sheet. Although legally binding, the deal was still subject to due diligence and confirmation from the Kuala Lumpur Football Association (KLFA) executive council.
Rinani Group signed the share sale agreement (SSA) with KLFA last night.
“The SSA officially makes Rinani the majority owner of Kuala Lumpur City FC. We pledge to bring KLCFC’s performance on the pitch to a higher level by concentrating on coaching, player recruitment, and youth development, and we promise our fans better engagement and experience, for their money’s worth,” said Rinani director Azri Azerai.
“Besides the game, we will also focus on enhancing the revenue stream for KLFC in order for it to be sustainable.
“We will work towards having more corporate tie-ups and sponsorships for the club to be financially sustainable, as well as to ensure that training levels can bring the club to the international stage.”
Last month, Azri shared his vision with Twentytwo13.
KLFA president Khalid Samad said it was a historic day, and that the privatisation of the club was in the best interests of KLFA and Kuala Lumpur City FC.
Rinani’s acquisition is in line with the directives from FIFA, football’s international governing body, and the Asian Football Confederation, to have state-run football teams be professionally run, privately financed, and independently owned.