Gov’t to sell 51% stake of 2 main football clubs

Financial Tribune – TEHRAN, The High Board of Divestures has approved the block sale of 51% controlling shares in Tehran’s two main football clubs, Esteghlal and Persepolis. 

According to a press release from the Iran Privatization Organization, it can sell the shares either in one 51% block or three 17% blocks.

The base price of the 17% block is 5.03 trillion rials ($12.2 million) for Esteghlal and 5.16 trillion rials ($12.5m) for Persepolis. Esteghlal’s 51% block will be offered at the base price of 21.37 trillion rials ($52.12m) and Persepolis’s 21.94 trillion rials ($51.9m). 

Buyers should pay 20% in cash and the rest in six annual installments after one year grace period. The IPO has invited potential buyers to start negotiations before the offer.