The owners of Ethiopia's "most successful football club," St. George Sports Club, announced they "will sell it to fans in what the underwriters say is likely to be the country's most popular private share placement," according to John Aglionby of the FINANCIAL TIMES. The sale, which has been "several years in the planning," comes weeks after PM Abiy Ahmed "broke with decades of Marxist-rooted government policy" in sub-Saharan Africa's "fastest-growing economy" and unveiled the partial privatization of state-owned monopolies Ethiopian Airlines and Ethio Telecom. Zemedeneh Negatu, chair of Fairfax Africa, which is acting as strategic adviser and underwriter, said that he expects "tens of thousands" of St. George fans to apply for shares to raise about $20M. Previous share placements, by private banks, have attracted "more than 10,000 buyers." Zemedeneh said of the club founded in 1935, "This is all about passion. The ultimate goal is not just to win in Ethiopia but to win the Africa Cup and get Ethiopia to the World Cup." Addis Ababa-based St. George, which has won the Ethiopian Premier League title 13 times since '00, is owned by the St. George FA and has been "propped up by prominent businessmen" Abennet Gebre Meskel, who is chair of the board, and Saudi billionaire Mohammed Hussein Al Amoudi. The association "will transfer all its assets to a new company," the St. George Football Club (FT, 6/20).
