Rinani Group Berhad (Rinani), a financial consulting firm signed an agreement to acquire a majority stake in Kuala Lumpur City, a club in Liga Super Malaysia.
Rinani agreed to release RM5.1 million, thereby holding 51% of Kuala Lumpur City and become to majority stake in the club.
Rinani’s director, Azri Azerai, said that through the agreement, Rinani officially became the majority shareholder of KL City, thus wanting to take the club to a higher level. and wants to emphasize the aspects of coaching, player recruitment, and youth development.
“We would like to thank KLFA for all the efforts they have done for the club and will build on it to take KL City to the next level.” Azri Azerai, Rinani’s director said.
“In addition, we will work towards having more corporate collaborations and sponsorships for the club to be more financially sustainable as well as ensure a level of training that can take the club to the international level.
“At the same time, we also thank the Prime Minister, Datuk Seri Anwar Ibrahim for his support to our efforts to promote the growth of Malaysian football,” he said in a media statement.
Meanwhile, KLFA President Khalid Abdul Samad said it was a historic day for KL City with the majority ownership being transferred to Rinani through the privatization of the club for the benefit of all parties.
“The privatization of the club is in the interest of all parties involved in professional football, including players, supporters, sponsors and vendors who have been closely associated with the club over the years.
“We pray that this action will bring success not only to KL City FC and Rinani Group but also to KLFA itself,”
Credit Photo : KL City