Shola Akinlade, the co-founder and CEO of Paystack bought a 55 percent stake in Aarhus Fremad, a team that plays in the Danish 2nd Division, the third tier of the Danish football league system club.
Although making the purchase after the club’s several years with a deficit, Akintunde, at the age of 38, now owns the largest stake in two football investments, Sporting Lagos in Nigeria and Aarhus Fremad, Denmark.
The move consolidates Akinlade’s efforts to use grassroots football for community development and social change in Nigeria.
Aarhus Fremad currently leads the 2nd division and is a hot bet for a promotion to the country’s second-best tier and with the takeover, some of the players from Sporting Lagos will have the opportunity to come to Europe.
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The Paystack boss also voiced his confidence in Lars Kruse’s ongoing leadership as CEO, asserting their joint commitment to preserving the clubs’ values and long-term goals.
Lars Kruse, CEO of Aarhus Fremad, expressed his excitement about the investment, highlighting the clubs’ shared values and vision for using football as a catalyst for positive change.
“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,” he said.
Currently, Aarhus Fremad tops the 2nd division and has a chance of being promoted to Denmark’s second-best league.
However, the club has faced financial difficulties in recent years, with Kruse, the former primary equity owner, covering its deficit.
The latest financial report reveals that the club has suffered a loss of two million kroner over the past two years.
