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Friday, June 2, 2023

Paystack co-founder Akinlade buys major stakes in Danish football club

By Eluemelem Jennifer Chinenye

Co-Founder and CEO of Paystack, a Nigerian financial technological company offering payment processing services Shola Akinlade has purchased majority shares in Aarhus Fremad, a Danish football club.

The partnership was announced by the Danish club through social media leading to an agreement that will cause the club to become a sister club to Sporting Lagos Football Club, a team in the Nigeria National League (NNL) also founded by Shola in 2022.

Shola Akinlade speaking on the partnership between both clubs said that the agreement is as a result of “shared commitment to engaging and empowering local communities”. He further said that he was truly honored and excited to embark on a new chapter with Aarhus Fremad.

“By strengthening the relationship between Sporting Lagos and Aarhus Fremad, we aim to create an environment that fosters education, growth, and opportunity for our players and the community at large,” he also said.

The club had been running at a deficit with a loss of two million kroner over two years despite being currently top of the 2nd Division and a possible promotion to the country’s second-best league under the leadership of CEO and former primary equity owner Lars Kruse.

Speaking on the decline of the clubs finances, Lars Kruse declares “I’ve been completely honest that I needed some help. I didn’t want to throw it all under the bus, and I’ve always thought that someone must come along when we’ve been as good as we’ve been.”

On the partnership agreement with Akinlade, Lars said that “It has been an exciting process, from when I first heard that they had spotted us in Fremad all the way from Nigeria to where we are standing now.

“It is fantastic that there are people with the right mindset who see football as a catalyst for many other things – and in terms of values, Sporting Lagos is a Nigerian Aarhus Fremad. In practical terms, the agreement means that we can have a much larger perspective in Fremad, as well as an international dimension to work with.”

Akinlade has declared that Lars Kruse will remain CEO of the club saying that ‘he has ultimate confidence in his continued leadership as the CEO and together, we will strive to maintain the values and long term goals that have made these clubs such a cherished part of their respective communities.

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