Co-founder of Paystack Shola Akinlade has bought majority stakes in Danish second division club Aarhus Fremad.
The club, founded in 1947, has been in a deficit of two million kroner (about N89.6 million) in the last two years.
Mr Akinlade bought a 55 per cent take in the club, making him the majority owner.
This is coming after he established the club, Sporting Lagos, in Lagos in 2022.
Sporting Lagos plays in the second tier of the Nigerian league, and in the future, will be a cooperative club with Aarhus Fremad following the acquisition.
Presently, the club are on top of the Danish second division with six points clear.
The club said in a statement on Tuesday, “We have looked at the date correctly, and yes – it is good enough Aarhus Fremad has closed an agreement today, which means a new owner in the club. We are very much looking forward to the collaboration and eagerly await what the future brings us.”
Speaking on the acquisition, Akinlade said his investment in the Danish club is due to a “shared commitment to engaging and empowering local communities.”
He added that the partnership between Sporting Lagos and Fremad would “create an environment that fosters education, growth, and opportunity for our players and the community at large”.
“I am truly honoured and excited to embark on this new chapter with Aarhus Fremad and further our shared commitment to engaging and empowering local communities,” the software engineer said.
