Ahmed Hossam Mido, the former Zamalek star and current media personality, commented on what was circulated regarding the Zamalek club's board of directors' decision to sell shares in the football company at the White Castle.
Mido said in statements via "Al-Nahar" channel: "Zamalek Club issued a statement that it is working on establishing a football company, but unfortunately some news and rumors began to circulate that were leaked to test the waters, and unfortunately this is the school of some board members in the club, meaning that when they plan something, they test the pulse of the fans and test their reaction through some leaks on social media sites".
He continued: "And in fact, one of the important things that was circulated through the electronic committees is that 60% of the shares will be sold to some investors, and I went mad when I heard this matter, because Zamalek represents something very big in my life, because this is not the best time to offer a large percentage of the shares of the football company".
He added: "The board of directors is working and striving to maximize the club's financial resources, after they assumed responsibility in a difficult situation, and they are fighting to put the club on the right path, but I am talking about the idea of offering the shares, because there is talk circulating that no sane person would believe, which is that Mido is against the idea of the football company, even though I was the first person to demand it".
He clarified: "But when do you sell? And what is the extent of the sale? And is this the most appropriate time to sell a large percentage of the shares or not in light of the large financial losses that occurred in recent years?".
He continued: "The board of directors is supposed to be careful with every share, because we know that if the financial cycle of Zamalek Club is properly adjusted, the price of the share that might be sold today for one pound would be sold after 3 years for 10 pounds".
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He added: "So is it better for the investor to benefit now while buying the share from you at a cheap price? When valuation companies review Zamalek's financial matters in recent years and find that it loses 400 and 500 million pounds every year in the football sector, they will offer the share at the lowest possible price".
Mido pointed out: "So I must be careful that the percentage sold now does not exceed 15 or 20% only, I do not look under my feet now, and you as a board of directors have succeeded in coming up with good ideas and projects for the club".
He continued: "Until now, the law in Egypt does not apply financial fair play, which is that the club spends on the football sector from the profits of the football sector, and the only thing that makes me support the idea of selling a large percentage of shares now is the application of financial fair play in Egypt".
He continued: "But now there are other resources and projects that may reduce losses and make you sell the share at a higher price, so I moved when I felt concerned, and went to Zamalek Club and sat with the club members and it was a session of friendliness and understanding, those who speak to me as a son because history bears witness and everyone knows Mido's love for the club and that he does not move except for the interest of the White Castle".
He concluded: "I grew up in the club since I was 9 years old, and its favor upon me is great, and no matter how some try to falsify history and distort Mido's image in front of the public, my positions will always be the greatest response".
