Saudis in but Keegan out in hectic day for Galway United
AGENTS of the two Saudi Arabian businessmen who are to take a controlling stake in Galway United will travel to the city in the next week to begin the process of assuming the running of the club after their investment proposal was ratified by club supporters on Monday night.
Abdulrahman Al Nemer and Mohammed Al Ruwaite will become the new majority shareholders of Galway United once due diligence – background checks carried out prior to the signing of any contract – has been completed.
An EGM of the Galway United Friends Co-operative, which took over United before the start of the 2018 season, was held on Monday night where details of the proposed investment were unveiled.
Out of a membership of 107 people, 79 attended Monday’s meeting, and following a near two-hour presentation and Q&A session, a vote by private ballot was held, with 68 members voting in favour of the proposal, 10 against, with one abstention/spoiled vote. As a result, a 75% shareholding in United will be given to the Saudi pair, with the fans’ co-op retaining the other 25%
The proposal by Al Nemer and Al Ruwaite includes the lodgement of €500,000 as part of their initial investment; as well as an additional €80,000 which will be specifically aimed at the club’s academy, youth development programmes, and scholarship programmes.
That latter part will be via a proposed link with NUI Galway, which Monday’s meeting was told was one of the attractions of United for the duo, as was the fact Galway City will be the joint European Capital of Culture in 2020. The untapped potential of a club in the State’s third largest city to regularly qualify for European competition was also an attraction.
Al Nemer, the older of the two, is a businessman who was the former vice-president of Al-Hilal FC, the 15-time winners of the Saudi Arabian domestic league, and twice winners of the Asian Champions League.
Ak Ruwaite, who is believed to be in his late 20s or early 30s, is a sports agent who is the founder and CEO of both Europe Sports Group and Malgroup. He has a football agency in Holland, and is also believed to be the agent for around 60% of the foreign players in the Saudi league.
Full coverage in this week's Connacht Tribune.