Ethiopia: MIDROC denies takeover, Saint George faces financial apocalypse (Exclusive)

MIDROC Investment Group says it has no intention of taking over the management of record Ethiopian champions Saint George SA.

The Addis Ababa giants are in deep crisis both on and off the pitch due to leadership issues at the club. Ethiopian-born Saudi business tycoon Mohammed Hussein Ali Al Amoudi owns MIDROC and has also been a patron of Saint George since the 1990s.

MIDROC has long been a key financial backer of Saint George while the club dominated the Ethiopian football scene. However, after a rift occurred between the patron and club chairman Abinet Gebermeskel, MIDROC ceased its financial backing, leaving Saint George with severe leadership issues and financial trouble.

MIDROC CEO Jemal Ahmed, a die-hard Saint George fan, previously stated that he had no intention of seeking a leadership role at the club and an elective General Assembly was organized in October 2025. That election was controversial, as Gebremeskel emerged victorious in a contentious race to lead for the next four years, prompting club members to sue the board in Federal Court over alleged irregularities.

There have been unconfirmed reports suggesting that MIDROC might take over the club if the current board resigns and a financial audit is conducted. Nonetheless, to the dismay of many Saint George fans, MIDROC officially stated that the circulating information is false. The investment conglomerate confirmed that it has no plan or intention to run the club.

Saint George in a disastrous state on and off the pitch

Saint George is also in crisis on the field, as notable players are leaving. CBE Ethiopian Premier League top scorer Abel Yalew left the Horsemen after being owed four months’ salary this season.

Close sources to the club, who wished to remain anonymous, told Pan-Africa Football that Saint George, under Gebremeskel’s leadership, experienced gross financial mismanagement. The source stated that this mismanagement forced the club to halt construction of their stadium in CMC, a neighborhood in Addis Ababa.

 

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Steel bars imported duty-free for the stadium were allegedly sold without the knowledge of club members, and the Ethiopian Revenue Authority ordered the club to pay 160 million Birr ($1,031,962), of which 80 million Birr ($515,981) has been paid so far. These corruption allegations were previously supported by MIDROC CEO Ahmed a few months ago.

With MIDROC out of the picture, a looming court battle between the current board and club members, and a relegation struggle in the league, Saint George’s future is dire. The oldest Ethiopian club now risks becoming defunct unless substantial support emerges.

The capital giants remain the biggest Ethiopian club in terms of league success, having won 29 Ethiopian top-flight titles.