Latest news with #AzimZabidi
New Straits Times
2 days ago
- Business
- New Straits Times
Former deputy questions OCM's 'financial prudence' in land swap deal
KUALA LUMPUR: Former Olympic Council of Malaysia (OCM) deputy president Datuk Seri Azim Zabidi has questioned OCM's decision to enter a land swap deal which he claims could potentially strain them financially. Under the agreement between OCM and Malaysian Resources Corporation Berhad (MRCB), the latter will take ownership of OCM's current headquarters - Wisma OCM (0.73 hectare) at Jalan Hang Jebat - in return for building a new RM93 million facility for OCM. The new headquarters - dubbed the Olympic House - will be built on a 5.38 acre plot of government land in Bukit Jalil. OCM will lease the land for a period of 30 years for RM10 million. Azim questioned OCM's financial prudence as the umbrella body will not receive any cash out of the deal. "This deal raises serious questions about OCM's financial prudence and long-term sustainability. Most perplexing is the absence of any cash benefits to OCM, despite Wisma OCM being valued at RM132 million," said Azim in a media statement released today (June 30). "The valuation used in the swap is reportedly lower due to plans to demolish the existing building. "Instead of gaining financial resources, OCM is incurring additional costs and risks. Once the sub lease expires after 30 years, the organisation may be forced to vacate the new premises, potentially facing further financial and operational disruptions. "I am particularly concerned about the lack of a cash component in the deal, especially when OCM is in need of substantial funding to support various International Olympic Committee (IOC) initiatives." Azim added that OCM deserves to have a new headquarters but stressed that the umbrella body should look at other, more financially beneficial alternatives to build their new headquarters. "It is imperative that OCM's leadership seek broader consultation and explore more sustainable alternatives. Transparency from the (OCM) Executive Board is essential. This project should only proceed if it clearly benefits the organisation and its affiliates," he added. "I urge OCM to consider reopening discussions with its neighbour, PNB Merdeka Ventures — the developer of the nearby Merdeka 118 tower — to explore a more strategic location with better financial returns. "Alternatively, OCM could consider constructing a more affordable headquarters, potentially integrated with a two-star hotel, allowing surplus funds to be reinvested into operations and human capital development. "More than 70 years into its existence, OCM is right in wanting to build an image befitting its status as the national Olympic committee of Malaysia. "However it must also focus on modernising its management, investing in human capital, and ensuring long-term financial sustainability for its members — especially in these challenging economic times. "Under these circumstances, OCM may proceed with a land swap deal as long as it is economically viable for the umbrella body in terms of increasing its cash reserves, not by depleting its savings." Azim had served as OCM deputy president between 2018-2021. OCM president Tan Sri Norza Zakaria had previously clarified that the RM93 million valuation was for the land Wisma OCM was situated on, while the rest of the valuation was for the building. Norza said only three companies responded to a request for proposal (RFP) issued by OCM, adding that no developer was keen on taking over the aging Wisma OCM building - built in 1991 - but there was interest in the land. OCM secretary-general Datuk Nasir Ali said it is unlikely PNB would have offered a better deal. "I am not sure whether we did talk to them (PNB) previously, but I do believe PNB is aware and if they really wanted to buy, they would have approached us already," said Nasir when contacted today (June 30). "Even if PNB were to put in an offer, they would have likely done the same thing MRCB did and offered us similar terms." Nasir added that OCM is considering including a hotel as part of their new headquarters. OCM currently rents out a section of Wisma OCM to a hotel operator. This forms part of their current income stream which also includes office and event hall rentals. "We are thinking of including a three or four star hotel to sustain our income. There are not many hotels in Bukit Jalil so there will likely be demand for it," said Nasir. "We will also be renting out office spaces to national sports associations and there will also be an events hall. "We could also invite sporting bodies from around the region to set up their offices there. This is all part of our income generation plan." Nasir added that the purpose of moving to Bukit Jalil extends beyond turning a profit for OCM. "It is not about making money, it is about being in the Kuala Lumpur Sports City (Bukit Jalil) close to our stakeholders. We want headquarters we can be proud of, especially when we have foreigners visiting our facility," said Nasir. "If we wanted to make money we could have just asked the developer to build us a cheaper facility in Nilai or somewhere else and keep the rest of the money but that would defeat the purpose. We would be far away from where all the sports activities are. "I think if we have established ourselves as part of the Kuala Lumpur Sports City, it is likely we can remain there beyond the 30-year lease. "We do not need huge sums of money to run our programmes. IOC programmes often come with (IOC) funding while major sports programmes for NSAs are funded by the National Sports Council. "I agree with Azim that we do need to invest in our human capital as well as other elements such as digitalisation, improving our archives as well as environmental, social and governance (ESG) factors. We will definitely be looking into this." OCM expects construction work for the new headquarters to begin by the end of the year once necessary approvals from local authorities have been obtained. The facility is expected to be completed by late 2028.
New Straits Times
25-05-2025
- Business
- New Straits Times
Perak FC suspends all operations amid financial crisis
IPOH: Perak FC has suspended all operations with immediate effect due to financial issues facing the team. Perak FC management, in a statement tonight, announced that it has sent back imported players and paid what it can to the staff and players of the Bos Gaurus squad with the remaining funds. "All staff and players have been informed that Perak FC will not participate in any league or competition in the coming season. "The players and coaches are now free to seek opportunities at other football clubs," according to the statement uploaded on its Facebook page. The team management announced that Perak FC has started its journey by clearing the RM8 million debt left by the previous management and allocating RM10 million annually to manage the club's operations. "Every cent invested was used only for operating costs and salaries of all four teams, coaches and administrative staff last season. "After three years or two and a half seasons, with investments exceeding RM40 million, we are very sad to announce that there are no more funds left to allocate," according to a statement from the team's management. The team's management also informed that they are still managing the team's training equipment and remaining merchandise for sale and are waiting for funds from the Malaysian Football League (MFL) to settle outstanding obligations as best as possible. "To the players and staff, thank you for your service and dedication throughout your time with Perak FC. "This is not the end we had hoped for but we have to stand on solid ground and accept the fact that the lack of funds has limited everything, and the time has come for the club to close," the statement said. On May 22, the media reported that Kedah Darul Aman FC (KDA FC) and Perak FC would not be competing in the Super League next season after failing to obtain a national license from the Malaysian Football League (MFL). Earlier on April 26, Perak FC chairman Datuk Seri Azim Zabidi confirmed that the Bos Gaurus had to withdraw from the Super League next season due to financial issues. - Bernama
New Straits Times
14-05-2025
- Business
- New Straits Times
Perak can still open the M-League door
KUALA LUMPUR: It's not the end of the road for Perak FC in the M-League next season. Perak FC chairman, Datuk Seri Azim Zabidi, clarified that only its owner, XOX Berhad, has withdrawn, and as a result, did not submit any documentation related to the application for a National Licence to play in the league. However, Azim, who is also chairman of XOX, said that Perak might still be able to continue playing in the Super League if discussions with a new owner reach an agreement. He said that although the deadline for submitting documentation for the National Licence had closed on May 10, Perak might be granted leniency by the Malaysian Football League (MFL) if all conditions are met. "So far, there is no (National Licence application) because the prospective buyer has not yet made a decision and we are still in discussions. "But we are confident that if there is a new buyer who can meet the MFL requirements, the league organiser will accept it even if the deadline has passed, as long as what is stipulated can be met," said Azim today. Previously, there were reports that eight-time Malaysia Cup champions Perak were almost certain not to compete in next season's Super League. This came after reports of Azim confirming that his team did not apply for a National Licence.
The Star
06-05-2025
- Business
- The Star
Beleaguered Perak hopeful of finding white knight
Affected: Perak player Luciano Guaycochea was among a few players who raised complaints over unpaid wages. PETALING JAYA: It may not be the end of the road yet for Perak in their bid to remain in the Super League next season. Perak FC chairman Datuk Seri Azim Zabidi revealed that three parties have expressed interest in taking over the beleaguered club. However, he declined to disclose further details as discussions are still ongoing. Azim said he was encouraged by the willingness of potential investors to step in and rescue the team, given Perak's proud history in Malaysian football. He also expressed hope that the club would be able to continue competing in the Super League next season, should the takeover materialise. 'If possible, we don't want to shut down the team, but we're unable to compete next season due to financial constraints. So when investors show interest in the club, of course I'm not going to shut the door on them,' he said. 'I can't share any details of the negotiations, but I can confirm that around three parties have come forward with the intention of buying the team.' Currently, Perak are owned by XOX Pro Sport Sdn Bhd, a subsidiary of XOX Berhad, which took over the club in 2022 from Impact Media and Communication (IMC) Sdn Bhd. Ironically, IMC were also grappling with financial woes at the time, especially over unpaid player salaries. Two weeks ago, Perak — eight-time Malaysia Cup champions — officially announced their withdrawal from next season's Super League due to worsening financial troubles. They had also announced earlier that they would not take part in the President's Cup and Youth Cup competitions in 2025. The situation deteriorated further when several players raised complaints over unpaid wages, including team captain Luciano Guaycochea, who voiced his frustration with the club's management. Despite not being paid, Perak's players continued to give their all and managed to finish seventh in the league with 30 points.
Malay Mail
27-04-2025
- Business
- Malay Mail
Perak FC faces financial hurdle too big for state government to clear, says Saarani
IPOH, April 27 — The Perak state government is unable to resolve the financial crisis that is currently plaguing the Perak FC football team said Menteri Besar Datuk Seri Saarani Mohamad, adding that the cost of financing Perak FC is too high and of course it requires a huge expenditure every season. 'The game of football in Malaysia is too expensive, unbearable by the state government. I hope football fans understand, not only Perak cannot afford it, other states (football teams have financial problems) also cannot (help solve). 'We (the state government) are also not able to solve the problem of salary arrears for Perak FC players. It is at the expense of (the sponsor of Perak FC),' he said when met by reporters after attending the Aidilfitri Raya ceremony of Perak government-linked companies (GLCs) with the Menteri Besar at the Indera Mulia Stadium compound here said however, the development of football would still continue through the Perak Football Association (PAFA) which plays a role in unearthing new talents from school students and youths.'The cost (of football development) is very affordable and the state government has also helped to finance about RM1 million,' he Perak FC chairman Datuk Seri Azim Zabidi reportedly confirmed that squad had to withdraw from the Super League competition next season due to financial was reported to have said that his team had done everything it could to develop the team, including spending almost RM40 million over the past three years. — Bernama
