Zamalek deny former stars were barred from football company meeting

Zamalek have denied reports that former club figures were prevented from entering their headquarters to attend a meeting about the proposed football company.

A source at Zamalek told FilGoal.com: “Former figures and stars of the club were not prevented from entering the headquarters or attending the meeting held with the board to discuss the football company.”

Hany Abada attended the meeting and raised all his questions during the discussions, the source added. Ahmed Douidar did not attend the meeting.

Zamalek have also outlined the conditions governing investment in the company, stressing that several offers had been received but remained under consideration.

In an official statement, the club said the proposals were intended to increase the company’s capital, not to sell Zamalek or the football company. It said no contracts or agreements had been signed and that any future decision would protect the club’s principles and rights.

The club said its only criterion would be Zamalek’s interests. It intends to separate the sporting and social activities, develop the football company and increase resources, but will not act before completing the necessary studies and safeguards.

Zamalek said it would prepare independent financial statements through an accredited financial consultancy, address audit observations and register all assets. It will also commission a full economic feasibility study for long-term investment and clearly define the rights, assets and liabilities transferred to the football company.

All contracts will be governed by Egyptian law, with disputes subject to Egyptian courts. The club said it would not accept a clause requiring international arbitration.

The investment objective, Zamalek added, was to build a strong team and develop the football structure over the long term, rather than simply trade players. Any management rights granted to investors would be linked to written performance targets and would lapse if those targets were not met.

Investment shares would be divided among more than one party, with no investor allowed to hold a larger share than Zamalek. The club also welcomed the possibility of offering shares to the public through a public subscription, subject to the law.

Any increase in the football company’s capital will require approval from the general assembly, the Ministry of Youth and Sports and the relevant authorities, with regulatory supervision throughout the process.

Zamalek said certain decisions would remain subject to its veto, regardless of voting percentages. These include changing or selling the club’s name, badge, colours, kit or trademark; merging the club, moving its headquarters, or selling or mortgaging its land and facilities.

The club must also approve any reduction in its share, changes affecting its rights, new shareholders or share transfers, and the sale, liquidation or merger of the company. Major loans, guarantees, related-party transactions and any action affecting Zamalek’s identity, supporters or history will also require approval.

Zamalek said these protections could not be amended or bypassed and that it retained full access to the company’s records, as well as the right to terminate the agreement and recover its rights if an investor breached its obligations.

The club is expected to hold a general assembly next December to decide whether to approve the football company under these conditions.