Rinani Group Berhad has signed a share sale agreement (SSA) with the Kuala Lumpur Football Association (KLFA) to acquire a majority stake in Kuala Lumpur City FC Sdn Bhd, the owner of the KL City FC (KLCFC) football club.
The SSA officially makes the financial consulting firm the majority owner of KLFC.
Rinani director Azri Azerai said: “We pledge to bring KLCFC performance on the pitch to a higher level by concentrating on coaching, player recruitment and youth development. We promise our fans better engagement and experience for their money’s worth.
“Besides the game, we will also focus on enhancing the revenue stream for KLFC for it to be sustainable and continue maintaining the club.
“We would like to thank the KLFA for all that they have done over the years for the club and we will build on this to bring KLCFC to the next level.”
Azri said it hopes to attract corporate sponsors that can bring more resources to the club.
“We will work towards having more corporate tie-ups and sponsorships for the club to be financially sustainable as well as ensure training levels that can bring the club to the international stage,” he added.
KLFA president Khalid Abdul Samad said the privatisation of the club was in the best interests of all who were involved in the sports of football, including the players, supporters, sponsors and vendors that have been closely associated with the club over the years.
Rinani’s acquisition of a majority stake in KLFC is in line with the directives from FIFA, football’s international governing body, and the Asian Football Confederation, to have state-run football teams be professionally run, privately financed and independently owned.
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