You may have known XOX as a Mobile Virtual Network Operator (MVNO) but the company has since dabbled into technology segments including blockchain, e-commerce, and fintech. Soon, the XOX can also add a football club owner to its list too as the company has announced its intention to acquire Perak Football Club.
Interesting enough, XOX only has to pay RM1 to obtain Perak FC from its current owner, Impact Media & Communication (IMC) who just took over the club last November. Despite the extremely low price tag, the tech company has to take over all of the club’s existing debt as well as other financial and operational difficulties that it is experiencing at the moment.
In fact, the Perak FC’s current financial state was so dire that the club was reportedly not able to rent its own stadium and other facilities for the rest of the 2022 season. Furthermore, the club earlier this month has been slapped with another round of point deductions due to its failure to pay the salary of players and staff members with some who have been waiting for seven months.
According to the Bursa filing by XOX, Perak FC recorded a loss of around RM2.3 million alongside net liabilities of around RM3.5 million last year. As of 31 December 2021, Perak FC also has outstanding liabilities of around RM7.1 million.
The Bursa filing also noted that XOX still has 14 more days to finalise the deal according to the MoU that it signed with IMC today. That being said, we do believe that it is pretty much a done deal as the Malaysian Football League already announced XOX as the new owner of Perak FC effective immediately.
(Source: XOX / Facebook.)