Emirati businessman Salem Al Shamsi has acquired ownership of prominent Egyptian football club Pyramids FC, the club has announced.
Al Shamsi, who was previously the club’s vice president, takes over from Saudi General Entertainment Authority chairman Turki Al Sheikh.
"It's our pleasure to announce to the sports' fans in the Arab world in general and those in Egypt in particular the full acquisition of Pyramids FC by Mr Salem Al Shamsi," the club said.
"The acquisition reflects the privileged relations between the Arab Republic of Egypt and the United Arab Emirates and endorses the sports' investment experience in Egypt which has demonstrated its success in practice.
"The new owner presents his sincere appreciation to the former owner HE Turki Al Sheikh for his sightful vision and intensive efforts exerted for the success of such an experience."
"The new owner confirms his sincere desire for the continued success of this investment in a manner that benefits Egypt, its people and the Egyptian football fans."
No financial details of Al Shamsi's takeover were given and it is not the first time Al Sheikh has announced he has sold the club to the Emirati investor and founder of Salem Saeed Al-Shamsi Contracting Company.
In February it was reported that Al Shamsi had acquired the club, with the Emirati telling MBC: "We have a challenge. We are looking to establish an outstanding management system at the club. We have big ambitions."
Al Sheikh brought what was then Al Assiouty football club in the summer of 2018, changing the name to Pyramids FC and embarking on a spending spree that has seen them challenge fellow Cairo giants Al Ahly and Zamalek in the Egyptian Premier League.
Pyramids are currently second in the league with 70 points from 34 matches, four points behind leaders Ahly, who still have two games in hand.
The league is currently on a break while Egypt hosts the ongoing Africa Cup of Nations.
