Egyptian billionaire Nassef Sawiris splashes $5.8 million to acquire stakes in Portuguese football club

Yusuf Abdulfatai -

Egyptian billionaire Nassef Sawiris, through his holding company V Sports, has agreed to buy a 46-percent stake in Vitoria Sport Clube, a Portuguese professional football club currently in fifth place in the Primeira Liga.

The latest deal, worth an initial €5.5 million ($5.85 million), is an attempt by the Sawiris-owned holding company to strengthen and bolster its sports portfolio, which includes interest in English club side Aston Villa, which it acquired in July 2018.

The transaction also represents an important step forward in V Sports’ global expansion as it embarks on a multi-club project that will leverage the sharing of scouting networks, coaching methodologies, and youth development strategies.

While commenting on the deal, Nassef Sawiris expressed his satisfaction with the partnership between V Sports and Vitoria Sport Clube. He further revealed that plans to establish this partnership have been in motion for two years and the deal is pending ratification from the members of the Primeira Liga club before completion.

“V Sports is delighted to be partnering with Vitoria Sport Clube,” he said.  “Discussions, which have been ongoing for almost two years, have progressed thanks to the positive steps taken by the new management team led by Antonio Miguel Cardoso whose energy and vision has been a crucial component in reaching this agreement.”

Vitoria Sport Clube President Antonio Miguel Cardoso stated that the agreement with V Sports provides the club with the opportunity “to have an important economic partner,” as the club will receive €5.5 million ($5.85 million) from the sale of the shares.

He also stated that Sawiris, through V Sports, will invest €2 million ($2.13 million) in club infrastructure and will provide a credit line of up to €20 million ($21.3 million) to support the club’s operations.

Sawiris, who is presently worth $7.34 billion, is one of Europe’s wealthiest football club owners, thanks to his ownership of Aston Villa in England and now Vitoria Sport Clube in Portugal.

Additionally, the billionaire, through V Sports and alongside his long-term business partner Wes Edens, has entered into an “exclusive negotiating agreement” with Major League Soccer (MLS) to secure the license for the league’s 30th team.