Rapid's shareholders:each on his own

The dispute between George Copos and Fathi Taher on a contract signed in March could have an unexpected end – the turn up of a different choice as owner of the club.Today is the last day in which Fathi Taher, businessman of Jordanian origin, can take over the package of 80% stocks of the football club Rapid Bucuresti. The last days were marked by a big incertitude related to the financial future of the club. Taher and George Copos, the current majority shareholder have thrown the blame for not respecting the contract signed in spring one on another. In March, Copos and Taher have signed a memorandum in which were established exactly the stages that had to be run through in order that the transaction to be finalized. For the transfer of those 80% of the stocks, it was established a transfer price of € 15 million. According to the announcement for the General Assembly of November 13, will take part to the meeting only “the shareholders subscribed in the register of members at the reference data October 31, 2008”. Now, Copos and Taher blame mutually, from distance, for not respecting the contract.

Copos steps back again

The Jordanian wants that the sum of money amounted to €7 million, which he had spent during this summer for transfers of the players, to be subtracted of the value of € 15 million, which appears in contract. Copos sustains that Taher would be forced to assure the budget on the current year, separately of the payment of those 15 million for the stock package. “I can’t speak evil of Sir Taher who came well intentioned at Rapid. Sir. Taher is a very strong person and I think that he will respect this contract. In what concerns me, I only want that this contract to be respected by letter”, George Copos asserts. For the twenty-eight time, he assured the public that he will draw back from football. This time being for good. At the moment, Copos turns up as majority shareholder of SC FC Rapid SA, with 99,99% of the stocks, owned through his companies, according to the Trade Register. The rest belongs to the Swiss businessman Jean Valvis. Copos sustains that after the transfer of the stock package of 80%, he will cede also the rest of 19,99%, Taher being the first option.The value of € 7 million spend on transfers by Taher in the club is with the title of “loan”. Taher also carried out the negotiations for the sums afferent to transfers and also for the incomes of the players. In terms of the lack of results from the current edition of championship, the issue is that Taher to assume the payment of this sum of money. At the moment, the club has two months debts for the players’ incomes.

The Arabian pays

Fathi Taher said that for taking over officially those 80% of the stocks it is necessary that George Copos to draw up a set of documents. “The situation is like this because I didn’t come to Rapid for deriding me or my money. I’ve didn’t come here to set up a business, if I wanted this I would have gone in other part. I’ve came here out of love for Rapid and for being close to George Copos at this club. But it’s important that things to be in order. I’ve had good-faith, I’ve came, I’ve brought the money, but I have to be a shareholder with official deeds, all to be commercial and legal in the same time. I’ve staid for five months, but I can’t invest money in this situation. I’ve said it to George too, it isn’t complicated, he only has to draw up some documents and everything is fine. “, Taher explained, quoted by Mediafax.

Secret debts

The Jordanian businessman sustains that there are problems in processing the contract signed with George Copos in March. “It’s true that I’ve granted the money as a loan, because otherwise it wasn’t possible to give money to Rapid. I’ve gave them for things to go at the club. But who wants to be one and another it can’t be. I can’t keep on investing money in the club because everything is exactly on the opposite of how we’ve established in our contract. The contract had to be finalized of two months ago, but there were hand in some documents that weren’t finalized and the situation remained the same”, the businessman stated. Fathi Taher added that he had confronted many problems since he arrived to Rapid, a few times the club not being able to unfold its activity because it had the accounts blocked as a result of some old debts. “The clubs account was blocked either because it had some debts since ’96, and I gave money for clearing the debts, or for others and others... Now what should I do? That’s why I say stop for everything.” Taher explained.

The war inside the club

Persons inside the club, close to Copos, have launched as “anonymous sources” the explanation according to which the transfer of pro- perty towards Taher wasn’t finalized because he didn’t carry on any of the contract’s stipulation for taking over the club and he didn’t pay to Copos not a penny for the majority package. Moreover, Taher doesn’t want anymore to finance the team and intends on passing it back to Copos. Alexandru Bunea, representative of Taher in the Administration Council says that the property transfer will be carried on through an increase of the social capital, in case in which Copos won’t give up. The bankruptcy being an excluded option, as long as there are other businessmen interested. “I can’t let out their names, but there are businessmen interested to become shareholders, in the situation in which George Copos and Taher don’t agree with the increase of capital of the society. (...) In the actual situation, for the Administration Council there isn’t another solution as to summon up the General Assembly. So I’ve elaborated the documentation for December 2, when the Administration Council will propose to the shareholders to increase the social capital of the company with €14-15.000.000. If the shareholders don’t agree to increase the capital and don’t show up with the money, then they must allow other persons outside the club to come and invest.”, Bunea stated.

The Lucescu - Patriciu axis

 
A hypothesis for getting out of the crisis was proposed by coach Mircea Lucescu, a very respected person at Rapid, being the one that has brought in 1998, the first championship title of Romania in Giulesti, after 30 years. “Another option for Rapid would be represented by the arrival of even Dinu Patriciu, who could invest. The image capital which the club would bring is infinitely bigger than the investments that should be done”, Lucescu stated.