Zamalek Postpones Extension of Mohamed Shehata's Contract Due to Financial Crisis
Zamalek club officials have decided to postpone the issue of extending the contract of Mohamed Shehata, the first football team midfielder, whose current contract runs until 2029, due to the severe financial crisis the club has been experiencing recently.
According to what was reported by the newspaper "Youm7," the management of Zamalek has decided to temporarily backtrack on extending the player's contract, following the financial penalties and fines imposed on the club by the International Federation of Association Football (FIFA) and the Dispute Resolution Chamber over the past two days.
The newspaper clarified that Zamalek's management was planning to extend Mohamed Shehata's contract, either by increasing the contract duration or improving the financial terms, considering him one of the key players in the team's lineup in recent times. However, the worsening financial burdens prompted the management to postpone the matter until the situation stabilizes.
FIFA had required Zamalek Club to pay $1.1 million to the Swedish club IFK, in addition to an annual interest rate of 5% and procedural costs amounting to $25,000, in relation to the Omar Farag deal. The Dispute Resolution Chamber also obligated the club to pay $503,000 to the Polish player Konrad Michalak with a similar annual interest rate.
According to what was reported by the newspaper "Youm7," the management of Zamalek has decided to temporarily backtrack on extending the player's contract, following the financial penalties and fines imposed on the club by the International Federation of Association Football (FIFA) and the Dispute Resolution Chamber over the past two days.
The newspaper clarified that Zamalek's management was planning to extend Mohamed Shehata's contract, either by increasing the contract duration or improving the financial terms, considering him one of the key players in the team's lineup in recent times. However, the worsening financial burdens prompted the management to postpone the matter until the situation stabilizes.
FIFA had required Zamalek Club to pay $1.1 million to the Swedish club IFK, in addition to an annual interest rate of 5% and procedural costs amounting to $25,000, in relation to the Omar Farag deal. The Dispute Resolution Chamber also obligated the club to pay $503,000 to the Polish player Konrad Michalak with a similar annual interest rate.