British football club Nottingham Forest has confirmed that Kuwait’s Al-Hasawi family has completed the takeover of the two-time European Cup winners. The club did not disclose financial details of the sale.
“It is an honour and privilege for the Al-Hasawi family to assume control of this great club steeped in history and with the outstanding legacy left by its previous owner Nigel Doughty,” the Al-Hasawi’s said in a statement.
“We know there are challenging times ahead of us to bring the club back to its glory days and we look forward with excitement towards a new, successful future.”
The family, who made its fortune in the refrigeration and air-conditioning business, added that fans can “be assured of our best efforts in bringing the Reds back to the top of the table.”
The club, which won the European Cup in 1979 and 1980, dropped out of the Premier League in 1999. It finished 19th in the 24-team Championship last campaign.
The acquisition of a football club gives Al-Hasawi automatic membership to an elite club of Gulf investors that own European football teams. Abu Dhabi United Group Investment and Development Limited, led by HH Sheikh Mansour bin Zayed bin Sultan Al Nahyan, acquired Manchester City for a reported US$321m in summer 2008.
Qatar Sports Investments bought a 70 percent stake in French football club Paris Saint-Germain (PSG) in June last year. The investment firm became the sole shareholder of the club after purchasing the remaining 30 percent stake in March.
Dubai’s Royal Emirates Group owns the Spanish La Liga side Getafe.