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St. George Football club to sell shares for fans

June 20,2018

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.

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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