Last Update 23:45
Wednesday, 17 July 2019

Saudi Turki Al-Sheikh reverses decision to give up sports investment in Egypt, backs Pyramids FC

Last September, Al-Sheikh similarly decided to end his investment in Egyptian sports, only to change his mind soon after

Ahmed Abd El Rasoul , Sunday 24 Feb 2019
Turki Al-Sheikh
Turki Al-Sheikh (Photo: Al-Ahram)
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Saudi investor Turki Al-Sheikh has reversed his recent decision to give up his sports investment in Egypt, just 24 hours after his announcement of selling Egyptian Premier League outfit Pyramids FC.

“Al-Sheikh decided to restore his share in Pyramids FC and to continue backing the club to be an addition to Egyptian sports regardless of all difficulties and challenges,” read a statement by the club late Saturday.

On Friday, the club announced that it was sold by the chairman of the Saudi Arabia's General Entertainment Authority, Al-Sheikh, to Emirati investor Salem Saeed Al-Shamsi. The Saudi owner's decision came after a long spell of tensions with Ahly fans and management.

“The decision of Al-Sheikh came after a series of demands and calls from Mr Al-Shamsi, club officials, technical staff, players and other sports figures to persuade him to change his mind,” the statement by Pyramids added.

It wasn't the first time Al-Sheikh, former chairman of the General Sports Authority in Saudi Arabia, has announced that he has given up his sports investments in Egypt. In September, he had made the same decision, but changed his mind soon after.

Last summer, Al-Sheikh spent big after buying Egyptian Premier League side Al-Assiouty and renaming it Pyramids FC, making some record signings as he sought to assemble a title-challenging club to dethrone Ahly, the winners of the past three editions of the domestic competition.

Speculation swirled that the new club owner was eager to cause an upset to Ahly, who are eyeing a fourth league triumph.

Backed by a host of foreign players in addition to prominent Egyptian faces, Pyramids quickly managed to move to the top of the Egyptian league title race.

The team currently stands in second place in the league with 45 points from 23 matches, seven points behind leaders Zamalek, who have played two matches more.

(For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.)

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