The agreement, signed in a setting filled with emotion and optimism, was sealed in the presence of Fouzi Lekjaa, President of the Royal Moroccan Football Federation. It formalizes the activation of “Raja SA”, a company established in 2019 but dormant until now. The move represents a decisive shift away from the traditional association-based model, often seen as ill-suited to the financial, athletic, and structural demands of modern football.
A unique structure and record-breaking capital
The transformation relies on a straightforward arrangement: the Raja Association transfers assets valued at 100 million dirhams to the newly activated company, including rights to the Raja brand and player contracts. Marsa Maroc, in turn, commits to injecting 150 million dirhams over three seasons. This results in a record-setting share capital of 250 million dirhams, distributed 60 percent to Marsa Maroc and 40 percent to the Association.
“This transition to a company is not a break from our roots, but a historic opportunity. It paves the way for more stable and efficient governance aligned with international standards,” said Jawad Ziyat, the club’s new president and a strong advocate for this structural shift.
Ambitious valuation and restructured governance
Raja’s total asset valuation stands at 510 million dirhams, comprising 80 million for the professional squad, 150 million for the brand, and 280 million for the academy. After deducting liabilities estimated at 130 million, the club’s net value is 380 million. Only a portion of these assets—those worth 100 million dirhams—will be transferred to the new entity.
Significantly, the club’s academy, regarded as one of its crown jewels, will remain under the ownership of the Association. A dedicated agreement will govern how it is made available to Raja SA.
A management contract signed alongside the partnership outlines the framework for collaboration between the Association and the company, covering governance, financial flows, responsibilities, and duration. This document ensures balanced oversight in line with Law 30-09.
A structural precedent for Moroccan football
Beyond Raja itself, this transformation has the potential to reshape the entire ecosystem of professional sports in Morocco. For the first time, a historic club is committing to a sustainable development model with a trusted institutional investor and a clear legal framework.
The pioneering partnership between a legendary club and a key public player opens new paths for sports financing in Morocco, centered on transparency, performance, and stability. It sets a model that could inspire other clubs in the Kingdom to take the full leap into professionalization.
With this bold step, Raja Club Athletic is not only aiming to restore its former glory but also to embody a new blueprint for success in 21st-century African football.
Translated from Abderrazzak Boussaid’s French article – le7tv