Zamalek: No Sale of Assets and No Agreement with Investors on Football Company So Far

Maher Gharib, director of media at Zamalek, said the club had not agreed with any particular investor over the football company and had not set its final ownership shares. He stressed that Hussein Labib denied any intention to sell the club, its assets or its properties. The remarks came as he discussed a meeting held by the board with several former football stars to discuss the project and answer their questions.

Gharib explained that the proposal includes benefits for former players, including two funds for pensions and medical treatment, as well as training courses for former players and retired club members’ children. It was also agreed to authorize Farouk Gaafar to select three or four former stars to meet with Labib during the coming week and discuss proposals and questions.

According to Gharib, Zamalek welcomes taking a 51% share if possible, while the club’s announced share must be no less than 40%, with the possibility of raising it to 45%, 50% or 51% under the final proposal. He said the club would not allow an Egyptian or foreign investor to hold a share exceeding its own, and that its assets would not be sold or mortgaged, nor would its share or rights change without its approval. He added that amounts owed by the club to board members would be paid separately and would not be included in the football company.