A KUWAITI-BASED consortium has taken over ownership of MK Dons FC and the Stadium MK Group.
The deal leaves the club and stadium debt-free and has been ratified by the EFL.
The consortium is headed by Fahad Al Ghanim, an entrepreneurial businessman who has worked across
sectors, including banking, investment, automotive and real estate.
His family owns Kuwait SC, one of the most successful football clubs in the Middle East.
Mr Al Ghanim attended a match at Stadium MK a year ago and has been in discussions with former Dons and Stadium MK group chairman Pete Winkelman since.
The new owner plans to improve the club through investment in it and in Milton Keynes.
A statement on the MK Dons website said: “The consortium has the opportunity to reignite a significant sporting dream for Milton Keynes, offering great hope and optimism for what the club can achieve in the future.”
Mr Winkelman steps down as chairman after 20 years at the club. He began the move to bring the club to Milton Keynes in 2001, with the first match played at the National Hockey Stadium two years later. The club won the League Two title and EFL Trophy in 2008 and was promoted to the Championship in 2015. Most of its football has been played at League One level.
In a statement on the MK Dons website, Mr Winkelman said: “What has become clear to me in recent years is that while I am so proud of Stadium MK and the sustainable business we have created, it can only support the development of the football club to a certain level without separate and significant investment.
“Over the last year, I have been able to spend time with Fahad and he has convinced me that he brings the passion, determination and ambition to see the club participate at the highest level and has the resources to help it do so.
“It is, therefore, time for me to step aside and put the custodianship of the club and the wider business into new hands.”
Mr Al Ghanim said: “My ambition is to build on the fantastic foundations already here in Milton Keynes and to take MK Dons to the next level, both on the pitch and off it.”
His priority is to continue the work of the club in the short term while he and his team assess the business. “Our first focus will be on strengthening the first team squad to give the club the best chance of promotion this season.
“I fully believe the team are in a great place. I am not looking to disrupt the fantastic work done over the summer – if anything, I want to add to it.”
Mr Al Ghanim paid tribute to Mr Winkelman’s work over the past two decades. “Pete and his team have achieved much in Milton Keynes and I am extremely grateful for the trust they have placed in me to continue their work.
“I am excited to discuss further how we can shape our plans for the club, city and community.”
