A group of Dubai investors has acquired a majority stake in Valletta FC and vowed to take the club to the group stages of the Champions League.
The Sanban Group, which is mostly involved in real estate, has bought a stake of 70 per cent and control of the Premier League club.
Club president Victor Sciriha, who will stay at the helm, said Valletta will become the envy of every other football club in Malta.
The ordinary administration of the club will be run by Mr Sciriha and the rest of the Valletta committee.
The involvement of the Dubai investors was rumoured in the last few weeks after club vice-president Alexander Fenech had told Times of Malta that an agreement was reached with the investors and the Citizens were only waiting for the club members to approve the deal.
An extraordinary general meeting was called last month and the club members gave an overwhelming vote of approval.
Having received the club backing, Mr Sciriha, vice-president Alexander Fenech and team manager Gerald Ellul flew to Dubai last weekend for the signing of the agreement.
Speaking during the ceremony, the investors said that they are pleased to have started a working relationship with the Malta champions and vowed to turn Valletta into a competitive team in European football.
“We are very happy to be joining the Valletta FC family,” one of the investors said during the ceremony.
“Our intention is to ensure that Valletta FC will have a bright future. It is our goal to make the team more competitive and we are already planning to strengthen the team with a number of high quality signings in the next few months.
“We want Valletta FC to play in Europe, to reach the group stages of the Champions League and be competitive.”
Mr Sciriha said: “This is an historic day for Valletta FC,” president Victor Sciriha said during the ceremony on Monday.
“I am honored to have met such nice people who are willing to invest seriously in Valletta FC.
“We have been in talks for a number of weeks and we took our time because we wanted to make sure that it was done for the good of the club.
“I have no doubt that their input will continue to make Valletta FC the envy of the other clubs in Maltese football.
“Just one word to the Valletta supporters. I would like to emphasize to them that we have big plans for the club and we have an exciting future ahead.”Dubai investors has acquired a majority stake in Valletta FC