The Dubai-based investment group, World Gate Investment (WGI), has confirmed the withdrawal of its bid to acquire Belgian football club Standard de Liège.
Former player of the Liège club, Paul-José Mpoku, who represents the investment fund, issued a statement on Monday explaining why WGI has decided to halt negotiations. It said that in the past two to three months, it had worked diligently and professionally with the investment bank Moelis.
"Unfortunately, given the course of the process and the internal choice that seems to have been made favouring an offer presented under conditions we prefer not to comment on, we no longer wish to be associated with this situation or the parties currently involved in managing the club," the WGI statement announced.
The Dubai group confirmed their "definite withdrawal" from the matter, adding "we will not return to the negotiating table, neither now nor in the future."
This announcement comes approximately two weeks after Standard de Liège revealed a preliminary agreement with Advantage Capital Holding (A-CAP) for the sale of the club’s majority shares to a consortium of local investors, led by the current CEO, Giacomo Angelini. Angelini took office late March after serving as CFO of the Rouches.
Last year, A-CAP acquired the shares of 777 Partners in matricule 16, forming its insurance branch and funding projects. The American group was forced to sell its shares following legal issues.
Last week, Standard de Liège announced the return of Pierre François as general manager, who served as the club’s managing director from 2003 to 2012.
