New ownership structure at Bristol Rovers
Bristol Rovers has confirmed a change in the way the ownership of the club is structured.
The League One side has confirmed the English Football League has approved an agreement for Kuwaiti businessman Hussain AlSaeed to take a 55 per cent stake in Dwane Sports.
Dwane Sports is the majority shareholder in the club.
Mr AlSaeed will join club president Wael Al-Qadi and Samer Al Qadi as co-owners of Dwane Sports.
Wael Al-Qadi has a 40.5 per cent stake in Dwane Sports while Samer Al Qadi has 4.5 per cent.
In a statement published on its website, the club said that as part of the process the debt owed to Dwane Sports would be capitalised, meaning, apart from its ordinary trade creditors, the club was now “substantively debt free”.
Mr AlSaeed said: “I am privileged to join Wael as a partner of BRFC. I have been a huge football fan for many years, and it has always been my ambition to own a stake in a club. BRFC is the one club that I most desired to be a part of, due to its great fanbase and future potential.
“From this day on, I assure the fans that we will be working tirelessly on the sustainability and growth of the football club. Rovers are a club with huge potential that is still untapped, and it is our duty to make sure that we do everything possible to improve the current state.
“I have really enjoyed my time in the lovely city of Bristol, and I hope to contribute to the community in the best manner possible.”
Mr Al-Qadi added: “I am delighted and honoured to welcome on board Mr Hussain and Mr Abdullatif AlSaeed. This has been a long process to get to this stage to ensure that the changes are suitable for all parties and give us the best possible chance for success.
“Over the past few months as discussions have developed it has been clear to me that Hussain and Abdullatif not only have a consistent vision with ours for the club but they also have the expertise and resource to help move us forward quicker.
“I am sure that you will all join me in welcoming our new investors to the club and giving them all of your support to help us achieve our aims.”
