Egyptian Premier League outfit Pyramids FC announced Friday that it had been sold by Saudi General Entertainment Authority chairman Turki Al-Sheikh to Emirati investor Salem Al-Shamsi.
Al-Shamsi, who was previously the club’s vice president, is an Emirati businessman and the founder of Salem Saeed Al-Shamsi Contracting Company.
"It's a pleasure to announce to the sports' fans in the Arab World in genera land those in Egypt in particular the full acquisition of Pyramids FC by Mr. Salem Al Shamsi," Egyptian Premier League outfit Pyramids FC said in a statement on Friday.
"This acquisition reflects the privileged relations between the Arab Republic of Egypt and the United Arab Emirates and endorses the sports' investment experience in Egypt which has demonstrated its success in the practice," the statement added.
"The new owner presents his sincere appreciation to the former owner H.E. Turki Al-Sheikh for his sightful vision and intensive efforts exerted for the success of such an experience,"
"The new owner confirms his sincere desire for the continued success of this investment in a manner that benefits Egypt, its people and the Egyptian football fans." the statement concluded.
It's not the first time Al-Sheikh, the current chairman of the General Entertainment Authority in Saudi Arabia, has announced that he has sold the club to Al-Shamsi; last February he said he had made the same decision, but changed his mind soon after.
Al-Sheikh spent big money after buying Egyptian Premier League side Al-Assiouty and re-naming it Pyramids FC last season, making some record signings as he sought to assemble a title-challenging club and dethrone Ahly, the winners of the past three editions of the premier domestic competition.
Al-Shamsi’s first appearance in the media as a Pyramids official was last february in an interview with Saudi TV channel MBC, which also included other board members and former club owner Al-Sheikh.
“We have a challenge. We are looking to establish an outstanding management system at the club. We have big ambitions,” Al-Shamsi told MBC.
The club's first football team currently stands at second place in the league with 70 points from 34 matches, four points behind leaders Ahly, who still have two matches in hands.
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