The shares will be sold in the newly-formed Al Ahly Football Company (AAFC), which according to board member Mohamed El Damaty
One of Egypt’s main clubs could be going public as Al Ahly chairman revealed that the club’s higher-ups are considering listing on the Egyptian Exchange (EGX).
According to chairman Yassin Mansour to Al Arabiya, Al Ahly’s board of directors are considering listing a 49% stake on the exchange, keeping the majority stake of 51% within the company.
Mansour did not reveal when the IPO will happen.
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The shares will be sold in the newly-formed Al Ahly Football Company (AAFC), which according to board member Mohamed El Damaty in an interview last week, will hold all of the club’s football-related assets by June 2022.
El Damaty noted that the AAFC, headed by Mansour, will be responsible for managing and organizing all the club’s professional football activities, including local and international competitions, marketing activities, merchandise, and player transfer.
Mansour stated that the company is working on improving its revenues in order to attract investors for the upcoming IPO.
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The IPO is within the club’s Al Ahly 2050 Vision, which aims to expand its sources of income and capitalize on the club’s financial resources, while keeping up with developments in the sports industry.
According to previous news report, Al Ahly will also be launching the new Al Ahly Stadium Company to build and manage the club’s new Olympic city and stadium, and will open a tourism services company to manage the club’s traveling services for staff, players, and fans.
