Wael Al-Qadi: Bristol Rovers president takes full control of club
- Published
Wael Al-Qadi has bought a controlling stake in Dwane Sports from other members of his family
Bristol Rovers president Wael Al-Qadi has taken full control of the club, leaving it "substantively debt free".
The Jordanian has bought a controlling stake in the League One side's holding company - Dwane Sports - capitalising £34.9m worth of loans.
Al-Qadi has also written off £2.1m of interest on the loans, meaning Rovers' only debts are ordinary trade creditors and leasing agreements.
As recently as March, Al-Qadi said the club had debts of more than £24m.
Rovers finished 14th in the 2019-20 League One season which was curtailed by the coronavirus pandemic.
In a statement made in March, he aded: "The impacts of this virus will hit all areas of the economy hard and football clubs are no different.
"However, along with our executive team, I am doing all I can to ensure that everyone within the Bristol Rovers family is as secure as possible."
As part of his takeover, the club's commercial director Tom Gorringe - and media and communications consultant Karim Mardam-Bey - have become board members, with all changes ratified by the English Football League.