Raja Club Athletic is on the brink of a historic transformation as it prepares to launch its long-awaited sports company, marking a clear break from years of chronic instability. This major shift, two years in the making and driven by the club’s advisory council, is set to overhaul how the club is governed, financed, and managed. For the first time, a professional institutional investor will take a stake in the club’s future company, Raja SA, ushering in a new era of strategic partnership.
The move is designed to give Raja a solid, sustainable structure in line with professional sports standards. Both the Royal Moroccan Football Federation and Casablanca’s local authorities have welcomed the initiative, seeing it as a much-needed answer to the crises that have plagued the club—recurring leadership changes, mounting debt, and constant administrative turnover. The reform also reflects the vision outlined in Morocco’s 2008 national sports dialogue, which called for increased professionalism and diversified revenue streams for clubs.
At the core of this transformation is a dramatic capital increase. Raja SA’s capital will leap from just 300,000 to 250 million dirhams. The club’s founding association will contribute assets worth 100 million dirhams, including the professional squad, branding rights, and operational control of the youth academy, which it will continue to own. Meanwhile, the unnamed institutional investor will inject 150 million dirhams over the next three seasons, securing a majority stake in the venture.
The new ownership split will give 60% of Raja SA to the investor, while the association retains 40%. A management contract will govern their relationship, setting clear terms for decision-making, revenue distribution, and the duration of the partnership. This agreement is intended to ensure smooth cooperation between the club’s sporting expertise and the investor’s demand for efficient management and financial returns.
A thorough financial assessment laid the groundwork for this move. Raja’s total assets were estimated at 510 million dirhams, while its liabilities stood at 130 million, resulting in a net valuation of 380 million dirhams. Only a portion of those assets will be transferred to the new entity, with key elements like the academy remaining under the original association’s control.
But this is more than just a financial rescue plan. According to the advisory council, it’s a bold repositioning strategy that aims to turn Raja into a leader in Moroccan and African football. The goal is to blend the club’s proud heritage with long-term sporting ambitions and sound corporate governance. Crucially, this marks a precedent: never before has an institutional investor taken a majority stake in a Moroccan football club’s corporate structure.
The final step in this overhaul will be submitted to the association’s upcoming general assembly. On the agenda: reviewing the 2024-2025 season’s moral and financial reports, approving the structural reform, and electing a new board to oversee the transition. Initial actions will focus on signing legal agreements and establishing the new governance framework.
