Jokowi’s Son Buys Soccer Team in City Where Brother is Mayor

Kaesang Pangarep, the youngest son of Indonesian President Joko Widodo, bought a stake in a football team in his hometown, Solo, where the eldest became the city mayor after winning local elections last year.

Kaesang, as he is popularly known, bought 40% of PT Persis Solo Saestu, said company commissioner Kevin Nugroho, who also acquired a 30% stake. State Enterprises Minister Erick Thohir, also a businessman and a former shareholder of Football Club Internazionale Milano, or Inter Milan, bought 20%, he said, confirming an earlier report by Detik.com.

The 26-year-old entrepreneur and blogger, who regularly shares stock picks with his 2.2 million Twitter followers, may consider taking the club public to raise funds at a later stage. Bali United, managed by PT Bali Bintang Sejahtera, is the only football team listed on the Indonesian stock exchange, with a market capitalization of 1.8 trillion rupiah ($125 million).

“IPO is an option and could be done when the time is right,” Nugroho said in a text message on Monday.

Kaesang wants Persis to move up to the first league in Indonesia’s national football championship, according to his remarks at the shareholders’ meeting that appointed him as the chief executive officer. His older brother and city Mayor Gibran Rakabuming Raka said at the same event that he expects Thohir would be able to bring in professional and transparent management to the team.

In an emailed press release that confirmed Thohir’s purchase of the Persis stake, the minister said he and another Indonesian businessman Anindya Bakrie also plan to close another deal that will see both holding a 51% ownership in British football club Oxford United, by acquiring a stake from Thai businessman Sumrith Thanakarnjanasuth.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.