{"id":581332,"date":"2023-02-08T00:00:00","date_gmt":"2023-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/govt-wants-to-encourage-sports-companies-to-go-public-and-huge-licensing-fees-probably-isnt-the-way-to-do-it\/"},"modified":"2023-02-08T00:00:00","modified_gmt":"2023-02-08T00:00:00","slug":"govt-wants-to-encourage-sports-companies-to-go-public-and-huge-licensing-fees-probably-isnt-the-way-to-do-it","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/govt-wants-to-encourage-sports-companies-to-go-public-and-huge-licensing-fees-probably-isnt-the-way-to-do-it\/","title":{"rendered":"Gov\u2019t wants to encourage sports companies to go public \u2014 and huge licensing fees probably isn\u2019t the way to do it"},"content":{"rendered":"

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<\/span>Another push for privatization in the sports industry:<\/span> Government-drafted <\/span>amendments to the <\/span>2017 Sports Act<\/a><\/span> will allow the Egyptian FA and others to set up and list companies on the EGX for the first time in a bid to attract more private investment into the sector, Rep. Mahmoud Hussein, who chairs the House Youth and Sports Committee, said yesterday. <\/span><\/p>\n

REMEMBER-<\/span> The government is preparing to reboot its state privatization program which will see fresh IPOs on the EGX as it pushes with efforts to revitalize investments on the EGX which is seeing one of the strongest rallies in recent years on the back of the EGP devaluation. <\/span><\/p>\n

What\u2019s what:<\/span> The amendments would pave the way for sports institutions to set up investment companies and list them on the bourse, according to Hussein, who estimated the value of private investment in the local sports sector at EGP 28 bn. \u201cBut we can do more through the new amendments and other measures to boost these investments to be a major contributor to the national economy,\" he said. Hussein\u2019s statements came during a committee meeting held yesterday to discuss the amendments with industry stakeholders.<\/span><\/p>\n

This reads like Egypt\u2019s bid to set up a Qatar Sports Investment or a City Football Group<\/span>:<\/span> <\/span>\u201cPrivate investments in the sporting sector have become one of the most important profitable economic activities in the world in recent years \u2026 They have even become the backbone of some states as they come first in terms of contribution to the national economy,\u201d Hussein said.<\/span><\/p>\n

REMEMBER-<\/span> The 2017 Sports Act loosened the state\u2019s grip on private sports clubs, allowing them to have more authority over financial affairs and operate as an institutionalized company. This has encouraged some to think about the prospect of going public.<\/span><\/p>\n

Ghazl El Mahalla has provided the blueprint for how not to IPO:<\/span> Ghazl El Mahalla FC botched its attempt to become the first publicly-traded sports club in Egypt last year. The state-owned club opted to IPO during the most challenging market conditions since the covid-19 pandemic, and was left <\/span>unable to find buyers<\/a><\/span> for its meager EGP 135 mn share sale. Just 18% of the retail offering was covered after several extensions, forcing the club to abandon the sale.<\/span><\/p>\n

Others have expressed an interest in going public:<\/span> The chairman of Al Ahly <\/span>said last year<\/a><\/span> that the board is considering offering 49% of the company on the EGX.<\/span><\/p>\n

PROPOSALS FOR LICENSE FEES AREN\u2019T POPULAR-<\/span><\/p>\n

The bill isn\u2019t all private-sector friendly:<\/span> The legislative amendments would require private <\/span>sports clubs to pay a licensing fee equal <\/span>to 5% of the value of their <\/span>businesses, an expense that industry representatives complained would slow investment in the sector. Tamer Mohamed, an owner of a private sporting services company, complained that the ministry offers no services in return for such a high fee, while Saad Shalaby, the executive director of Al Ahl<\/span>y Sporting Clu<\/span>b, pointed out tha<\/span>t investing bns of EGP in new facilities would see companies pay hundreds of mns in fees to the ministry<\/span>.<\/span><\/p>\n

And the bureaucracy remains:<\/span> \u201cBureaucratic obstacles are also to blame for restricting the flow of private investments into the sporting sector,\u201d said Shalaby. \u201cIn order to set up Al-Ahly Football Company, we had to get nine licenses from nine state departments,\u201d he said during the meeting. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The amendments would pave the way for sports institutions to set up investment companies<\/p>\n","protected":false},"author":1,"featured_media":581333,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[721,102,68,72,9093,187,162,6667],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-al-ahly","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ghazl-el-mahalla","tag-legislation-watch","tag-sports","tag-sports-act","wpautop","entry"],"acf":{"mongo_id":"10027af9-1b7a-4806-8679-9decb6f510ef","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/sport-football-alahly-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581321],"teaser":"The amendments would pave the way for sports institutions to set up investment companies","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.d80f5785-4775-4b36-8718-c2792dc0540d.mp3"},"yoast_head":"\nGov\u2019t wants to encourage sports companies to go public \u2014 and huge licensing fees probably isn\u2019t the way to do it - 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Medhat El Sherif said yesterday, according to local media\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638755,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/12\/house-of-representatives-will-begin-discussing-capital-markets-act-soon\/","url_meta":{"origin":581332,"position":1},"title":"House of Representatives will begin discussing Capital Markets Act \u201csoon\u201d","author":"enterpriseam admin","date":"12 October 2017","format":false,"excerpt":"The House of Representatives will begin discussing amendments to the Capital Markets Act \u201csoon,\u201d said EGX head Mohamed Farid at a meeting with the securities division of the Federation of Egyptian Chambers of Commerce on Wednesday. He urged members of the Federation to present their proposals for setting up a\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651420,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/12\/committee-amending-the-capital-markets-act-meets\/","url_meta":{"origin":581332,"position":2},"title":"Committee amending the Capital Markets Act meets","author":"enterpriseam admin","date":"12 February 2017","format":false,"excerpt":"A committee tasked with drafting amendments to the Capital Markets Act held its first meeting on Saturday, Al Masry Al Youm reports. The amendments could entail changes to how private placements are regulated and will also cover the issuance of sukuks and allow trades on the EGX to be reversed\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":634586,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/18\/el-sisi-signs-into-law-amendments-to-companies-act\/","url_meta":{"origin":581332,"position":3},"title":"El Sisi signs into law amendments to Companies Act","author":"enterpriseam admin","date":"18 January 2018","format":false,"excerpt":"LEGISLATION WATCH- President Abdel Fattah El Sisi signed into law amendments to the Companies Act that tweaks how sole proprietorships are handled under the law The law, which was published on the Official Gazette on Wednesday, also contains corporate governance regulations that will give boards of directors the right to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641011,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/11\/sports-clubs-can-be-listed-on-the-egx-investment-bankers\/","url_meta":{"origin":581332,"position":4},"title":"Sports clubs can be listed on the EGX -investment bankers","author":"enterpriseam admin","date":"11 September 2017","format":false,"excerpt":"Sports clubs can now be listed on the EGX under the new Sports Act that allows sportscompanies to be established for profit, EFG Hermes Co-head of Investment Banking Mostafa Gad tells Al Mal. The older Sports Act had counted Sports Clubs as non-profit organizations. Pharos Holding is considering getting in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622600,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/08\/public-enterprises-act-amendments-completed\/","url_meta":{"origin":581332,"position":5},"title":"Public Enterprises Act amendments completed","author":"enterpriseam admin","date":"8 October 2018","format":false,"excerpt":"LEGISLATION WATCH- Public Enterprises Act amendments completed: The Public Enterprises Ministry has completed drafting the amendments to the Public Enterprises Act that could open the door for the government to list state holding companies, Minister Hisham Tawfik tells Al Masry Al Youm. He did not disclose details of the proposed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581332"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581332\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581333"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581332"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581332"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}