Paystack CEO, Shola Akinlade has bought majority stake in Danish football club.
Shola Akinlade, co-founder and chief executive officer of Paystack, has acquired a 55 percent stake in the Danish second-tier club Aarhus Fremad.
The 76-year-old Danish club will become a sister club to Sporting Lagos FC, a Nigeria National League club founded by Akinlade in 2022 and based in Lagos.
According to a statement by Sporting, the agreement will provide its best teams with opportunities for European exposure and bolster its efforts to develop youth football in the country.
Akinlade, commenting on the acquisition, stated, “I am truly honoured and excited to begin this new chapter with Aarhus Fremad and to advance our shared commitment to engaging and empowering local communities.
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“By strengthening the relationship between Sporting Lagos and Aarhus Fremad, we hope to foster education, growth, and opportunities for our players and the surrounding community. I have the utmost faith in Lars Kruse‘s continued leadership as CEO, and together we will strive to uphold the values and long-term objectives that have made these clubs so beloved in their respective communities.”
Lars Kruse, commenting on the investment, stated, “It has been an exciting journey from the time I first heard that they had spotted us in Fremad all the way to our current position in Nigeria.
“It’s great that there are people with the right mentality who see football as a catalyst for many other things, and in terms of values, Sporting Lagos is the Nigerian equivalent of Aarhus Fremad. In practise, the agreement enables us to have a much broader perspective within Fremad, as well as an international perspective.”
Arhus Fremad is currently leading the Danish Second Division and could be promoted to the nation’s second-best league.
Despite this, the club has been operating with a deficit, which has been covered by the club’s CEO and former primary equity owner, Lars Kruse.
The club’s most recent financial report indicates a two-year loss of two million kroner.
“I’ve been completely forthright about my need for assistance. Lars Kruse stated to the Danish newspaper rhus Stiftstydende, “I didn’t want to throw everything away, and I’ve always believed that someone must come along when we’re as good as we’ve been.”
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