XOX Bhd, through its wholly owned subsidiary XOX Pro Sport Sdn Bhd today has finalised its acquisition of Perak FC from vendors Impact Media and Communications Sdn Bhd (IMC). The conclusion of the deal will be subject to certain regulatory terms and conditions precedent which include legal issues which need to be resolved before the full handover is completed.
During the transition period however, XOX in an announcement posted on Bursa Malaysia, stated that it has committed fully into this acquisition and will assume full management and operational control of Perak FC with immediate effect, starting with addressing the issue of unpaid wages.
There will be expected reshuffling of the Perak FC Board and management team, with Dato Seri Abdul Azim Mohd Zabidi assuming Executive Chairman role. The new management team has already begun the reconciliation and payment processes, with the players’ salaries due to be cleared as soon as possible.
XOX had in the past oversaw the success of The Komanz Kru Racing (TKKR) team to world class racers in its respective racing categories and looks to replicate the process by focusing on home grown football talents.
XOX is the first public listed company to assume ownership of a football club in Malaysia, heeding the call by Football Association of Malaysia (FAM) to push member clubs towards privatisation. The move will be seen as an improvement to coaching, player recruitment and youth development, thus increasing the standards of performance, generating a larger fanbase and improving the league as a whole.
