Tag: Rinani Group Bhd / Kuala Lumpur City FC

Company acquires majority stake in football club from KLFA

Rinani Group Berhad, a financial consulting firm, is pleased to announce that the Company has signed a share sale agreement (SSA) with the Kuala Lumpur Football Association (KLFA) to acquire a majority stake in Kuala Lumpur City FC Sdn Bhd (KLFC), the owner of the KL City FC (KLCFC) football club.

Rinani director Azri Azerai said, “The SSA officially makes Rinani the majority owner of KLFC. We pledge to bring KLCFC’s performance on the pitch to a higher level by concentrating on coaching, player recruitment and youth development and we promise our fans better engagement and experience for their money’s worth. Besides the game, we will also focus on enhancing the revenue stream for KLFC for it to be sustainable and continue maintaining the club.”

“We would like to thank the KLFA for all that they have done over the years for the club and we will build on this to bring KLCFC to the next level. We will work towards having more corporate tie-ups and sponsorships for the club to be financially sustainable as well as ensure training levels that can bring the club to the international stage. We also would like to thank the Prime Minister, YAB Datuk Seri Anwar Ibrahim, for his support for our venture and for encouraging the growth of Malaysian football.”

KLFA president Khalid Abdul Samad said, “This is a historic day for KLCFC with majority ownership of KLFC passing over to Rinani. The privatisation of the club is in the best interests of all that involved in the sports of football, including the players, supporters, sponsors and vendors that have been closely associated with the club over the years. Best wishes to not only KLCFC and Rinani Group, but also KLFA.”

Political Secretary to the Prime Minister, Azman Bin Abidin said, “The privatisation of state-run football teams is vital for the further development of the game as this will ensure that clubs have access to the expertise and knowledge that the private sector can provide. It is also vital that the private sector run the football clubs professionally with good governance as this will assist in ensuring financial viability for youth development and player recruitment.”

Stuart Ramalingam, CEO of Malaysian Football League said, “The continued privatisation of football clubs in the country will benefit all stakeholders, especially the players as their welfare will be better taken care of. There will be more transparency in how the clubs are run and finances managed. Professional management of the clubs is important as this will mean the need to engage with supporters, improve performance and offer a better product.”

Rinani’s acquisition of a majority stake in KLFC is also in line with the directives from FIFA, football’s international governing body, and of the Asian Football Confederation, to have state-run football teams be professionally run, privately financed and independently owned.

Rinani Group Bhd: http://rinani.com.my/
Kuala Lumpur City FC: https://kualalumpurfootball.com/

• Privatisation of football team in line with FIFA and AFC directives for more professionally run clubs

Rinani Group Berhad, a financial consulting firm, is pleased to announce the acquisition of Kuala Lumpur City FC (KL City FC), Asia’s second-best team in the Asian Football Confederation (AFC) Cup last year, champions of the 100-year old Piala Malaysia in 2021 for the fourth time in the club’s history and winner last Saturday of the Federal Territory Minister’s Trophy for the second time.

Rinani director Azri Azerai said, “We welcome KL City FC to the Rinani family, which consists of MGRC (Malaysian Genomics Resource Centre Berhad), Bintai Kinden Corporation Berhad, SCIB (Sarawak Consolidated Industries Berhad) and Reneuco Berhad who are joining us on this venture. We look forward to KL City FC continuing to be a trailblazer, with the support of our fans.”

“KL City FC, now an elite club, will keep pushing boundaries and continue to be a professionally managed football club with “football decisions” being the core. We would also like to thank the Kuala Lumpur Football Association (KLFA) for the work that they have done.”

“Our acquisition of KL City FC is part of the mandatory privatisation process that the Malaysian Football League is enforcing on all state-owned football clubs as football in the country transforms to a more professionally run sports that benefit all stakeholders.”

KLFA president Khalid Abdul Samad said: “I welcome the news of Rinani taking a majority stake in KL City FC and becoming a joint partner together with KLFA of the club. We hope supporters of KL City FC will accept this change in ownership as private sector participation is vital to the future of Malaysian sports because entrepreneurs know best how to push for success and ensure viability.”

The privatisation of KL City FC is also in line with the directives from FIFA, football’s international governing body, and of the AFC, to have state-run football teams to be professionally ran, privately financed and independently owned.

KL City FC last Saturday hosted the match versus Perak which ended 3-0 to the home side at Kuala Lumpur Football Stadium in Bandar Tun Razak, Cheras. The match was broadcasted live on Astro Network.

Rinani Group Bhd: http://rinani.com.my/
Kuala Lumpur City FC: https://kualalumpurfootball.com/