Mido Questions Zamalek Board About Investment in Football Company

Former Zamalek star Ahmed Hossam Mido raised questions with the club’s board about investment in its football company, following a board statement saying it did not intend to sell the club or the company, and that the proposal aimed to increase the company’s capital, develop it and strengthen its ability to compete.

Mido called for clarification on the identity and experience of prospective investors, the structure of the company’s board and how majority ownership would be divided between the club and investors. He also asked about the basis for valuing the company, the possibility of using international valuation firms, and how the process would be made transparent and its results announced.

He asked whether current board members might receive shares in return for money they had lent to the club, and whether that would raise a conflict of interest. He also sought clarification on the possibility of granting shares or executive positions to people who had previously worked in the club’s football department, and the reasons for turning to the same names despite what he said had been millions of dollars taken from Zamalek’s treasury during their periods of work.

Mido asked about the timing of offering the shares, around ten months before the board’s term ends, noting that an independent company could be established and the decision left to the next elected board. He called for electronic voting to be made available to general assembly members and also raised questions about the legal rules governing far-reaching decisions in the final period of elected boards’ terms.