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Bristol Rovers have confirmed a change in the football club’s ownership structure.
The League One side said the EFL has approved an agreement for Kuwaiti businessman Hussain AlSaeed to take a 55% stake in Dwane Sports, the group which is The Gas’ majority shareholder.
Mr AlSaeed will join club president Wael Al-Qadi and Samer Al Qadi as co-owners of Dwane Sports, and, as a result, the football club. Wael Al-Qadi has a 40.5% stake in Dwane Sports while Samer Al Qadi has 4.5%.
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”.
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Mr AlSaeed will be joining the club as chairman of the board, with Jordanian Wael Al-Qadi remaining club president and Abdullatif AlSaeed as executive vice president.
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.”
BusinessLive’s sister website BristolLive exclusively reported that Wael Al-Qadi was in advanced talks with Mr AlSaeed over selling a stake in Dwane Sports earlier this week.
Wael Al-Qadi has been involved with Rovers since Dwane Sports’ takeover of the club in February 2016, with the Jersey-based company holding 96.5 % of the club’s shares and the remainder owned by the Supporters Club and smaller, minority stakeholders.
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.”
Club issues South Stand update
This week the club also issued an update to confirm the development of a new South Stand at its home ground The Memorial Stadium would not be completed in time for the start of the new season, “due to issues outside of the club’s control”.
Rovers are looking to build a new structure that can accommodate an extra 3,400 supporters to replace temporary ‘tent’-like stands. However, the club confirmed delays to the project means capacity for their opening home match against Barnsley would be limited.
In a statement, the club said it would be contacting affected season ticket holders and it had apologised to Barnsley fans who had been looking to attend the match, adding “Moving forward we will continue to review the situation on a match-by-match basis and update supporters as early as possible as to the plans for each fixture.”
BristolLive previously reported the club had started work on the new stand without getting planning permission, sparking complaints from residents living next to the ground.
In the statement Bristol Rovers said: “The club is continuing to work with local residents and the local planning authority regarding this application. Following some delays, the planning application has been registered by the council and is currently being assessed.”
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