It was announced on Thursday that Egyptian moneybags Pyramids FC has been sold to an emirati businessman Mr. Salem Al-Shamsi.

In June 2018, Saudi Arabian billionaire and then chairman of the country’s General Sports Authority Turki Al-Sheik bought a mid-table club Al Assiouty in the Egyptian league.

“We would like to announce to the Arab and Egyptian fans that entire Pyramids FC shares have been seized by Mr. Salem Al-Shamsi,” Pyramids said in an official statement.

“The new owner wholeheartedly thanks the former owner Turki Al-Sheikh for his precise vision for what he spent from effort to make this experience successful.”

“The new owner stresses on his serious desire to keep this investment ongoing in a way that benefits Egypt and Egyptian fans.”

Al Assiouty was moved from Beni Suef to Cairo and changed its name to the more alluring and branding savy Pyramids FC.

Turki Al-Sheik's aim at the time was to challenge the more established elite clubs in Egpyt so  pumped a lot of money into the team by luring players of Zamalek like Ali Gabr and Ahmed Tawfik.

He also ploughed into the Brazilian market by breaking the African club transfer record for players.