St. George launches Share Company
Coach Ernst Middendorp submits resignation
St. George FC, the 14 times Ethiopian Premier League (EPL) champions, have established a share company to generate a sustainable financial income. The club plans to raise 244 million birr from the sale of shares to registered fans, the club board said.
The Board has purchased a 94 million birr stock, which represents 38.5 percent of the company’s shares. Abinet Geberemiskel, chairman of St. George FC, has pointed out that a stock worth 150 million birr will go on sale and will remain on sale until October 10, 2021. The minimum purchase is 1,000 birr and the maximum is 120 million birr.
Abinet stated that the main purpose of the share company is to strengthen the clubs’ financial income.
Furthermore, the Board said profits cannot be divided for the next ten years and the club can only use 20 percent of the profits.
St. George, aka the Horsemen, founded in 1935, has more than 100,000 members. The club has been buoyed by support from prominent businessman and devoted supporter of the club, Abinet and Ethiopian-Saudi billionaire Mohammed Hussein Al Amoudi.
Meanwhile, the horsemen announced that they have parted ways with the newly appointed Coach Ernst Middendorp. The German coach was unveiled as manager in mid-October following his exit from South African side Kaizer Chiefs. Middendorp had signed on a three year deal to manage St. George, however, due to the current political unrest in the country and concerns over his family, he has submitted his resignation letter to the club.
It was reported that Middendorp is said to have offered two months of his wages as a settlement to mutually terminate his three year deal. Middendorp’s assistant coach Maahier Davids has been named interim coach.