Nassef Sawiris, Egypt’s richest man, and co-owner of Aston Villa, is reportedly weighing the decision to leave the UK due to anticipated tax increases under the Labour government.
Sawiris, whose net worth is estimated at $7.8 billion by Forbes, acquired a 55% controlling stake in the football club alongside American billionaire Wes Edens in 2018 when the team was still in the Championship.
Currently based in London, Sawiris is known to attend Aston Villa matches, particularly when the team plays in the capital.
However, he announced in December 2023 his plan to “redomicile” his NNS Group family offices from London to the Abu Dhabi Global Market (ADGM) international finance centre. This move was preceded by his resignation from a director role at NNS Advisers Ltd in November, as per Companies House filings, although the office remains registered in London.
Bloomberg first reported that the 63-year-old is exploring relocation options, including the United States and other European countries. Despite this, sources who spoke to Bloomberg suggest Sawiris has not yet made a final decision.
What you should know
Sawiris’ tenure as Aston Villa co-owner has been transformative, with the club rising from the Championship to secure a spot in the Champions League. His influence in English football extends beyond Villa. He has previously shown support for Manchester City during its legal battle with the Premier League over sponsorship rules.
- In 2022, Manchester City and Aston Villa were among a minority of clubs that opposed changes to associated party transaction (APT) regulations.
- The amendments, which followed a legal challenge from City, sought to tighten sponsorship rules to address concerns over financial fair play. Both clubs argued that the process was rushed and recommended postponing the vote, warning of potential legal consequences.
- Sawiris’ potential departure comes amid broader concerns among high-net-worth individuals regarding the UK’s evolving tax system. His decision to move his financial operations to Abu Dhabi could signal a growing trend of billionaires shifting their bases to more tax-friendly jurisdictions.
- Already Dubai-based family offices now manage over $1 trillion in assets, as reported by Nairametrics about two months ago.
For Aston Villa fans, Sawiris’ continued investment in the club will remain a focal point, particularly as the team pushes to maintain its position in European competitions. Whether his reported consideration to leave the UK will impact his long-term commitment to the club remains to be seen.
