KUALA LUMPUR – Terengganu FC football club has been forced to cancel its agreement with investment management company XFOX Market Holdings Sdn Bhd, just 48 hours after signing a partnership agreement.
The announcement was made by the club through an official statement released on its official social media accounts today.
XFOX Market Holdings’ status as the team’s sponsor drew criticism from many parties after two companies associated with XFOX, namely XFOX Market Trust and XFOX Market Sdn Bhd, were listed in a warning by Bank Negara Malaysia for not being approved under the relevant laws and regulations administered by the central bank.
Terengganu FC explained that while XFOX Market Holdings operates various businesses, they were forced to terminate this collaboration in the public interest, with mutual agreement and without any claims between the two parties.
“Terengganu FC was ready to collaborate with XFOX Market Holdings Sdn Bhd after witnessing the company’s operations, particularly XFOX Arena in Subang Bestari, which provides a synthetic football field deemed suitable for the club’s operations.
“Additionally, various other businesses are operated by XFOX Market Holdings Sdn Bhd.
“However, this collaboration is viewed differently by various parties. Terengganu FC also receives sympathy from the sponsor with this situation.
“In the interest of club harmony and considering the voices of supporters, who are the backbone of the team, Terengganu FC has engaged in discussions with XFOX Market Holdings Sdn Bhd to find the best resolution to this issue.
“Upon mutual agreement, Terengganu FC and XFOX Market Holdings Sdn Bhd were willing to dissolve this sponsorship agreement without any claims between both parties,” the club said in its statement.
At the same time, the sponsorship funds amounting to RM1.5 million, which were intended for the upcoming Asean Club Championship campaign starting in July, will also be returned to XFOX Market Holdings.
Terengganu, who qualified for the tournament as the runner-up in the Malaysia Cup, was drawn in Group A along with BG Pathum, PSM Makassar (Indonesia), Dong A Thanh Hoa (Vietnam), and two other teams from the playoff matches.
“This action is more about maintaining club harmony to face various future challenges. Terengganu FC will refund the sponsorship payment to the sponsoring company amounting to RM 1.5 million, which has already been settled.” – June 11, 2024