Owners of the oldest football club in Ethiopia, St. George, are putting majority of shares up for sale. And the process is expected to be finalized by August of this year, according to a report by Financial Times.
Zemedeneh Nigatu, chairman of Fairfax Africa who is also consulting the privatization of the club, is cited as saying that he expects tens of thousands of fans to apply for purchasing share and is expected to raise $20 million.
Saint George F.C., the storied & successful premier league club, to sell shares to its supporters. The first time a football club has offered shares to the public in #Ethiopia. Our firm, Fairfax Advisors, is the financial arranger of the offering. Successful meeting last Sunday! pic.twitter.com/8NFY3ffkpr
— Zemedeneh Negatu (@Zemedeneh) June 20, 2018
St. George is a prestigious football club in Ethiopia. It has won Premier League titles 13 times since the year 2000.
Prime minister Abiy Ahmed introduced what could be said extensive liberal/neolibral economic practices in Ethiopia when he announced last month that the country is putting up key public enterprises for partial and/or full privatization.
No football club in Ethiopia offered private share in the past.
Cover photo : From Zemedeneh Negatu Twitter page
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