Firoz Kassam

Firoz Kassam (born 1955) is a British businessman. Born and brought up in Tanzania, of Indian descent, he came to Britain at the age of 19.<ref>Template:Cite web</ref> He owned Oxford United F.C. from 1999 to 2006,<ref name=merrytakeover/> and was named the 309th wealthiest person in the UK in the Sunday Times Rich List 2009 with an estimated fortune of £180 million.<ref>Template:Cite web</ref>

Early life

Firoz Kassam was born in Tanzania, one of five children.<ref name="pearsonlongman.com">Template:Cite web</ref> His father had a small confectionery business, and his mother died when he was a child.<ref name="pearsonlongman.com"/> They migrated to England when he was 19.<ref name="pearsonlongman.com"/>

Career

Starting out with a fish and chip shop, Kassam made his fortune as a slum hotelier and in the 1980s was labelled a "merchant of misery".<ref name=allypally/> He bought run-down London hostels and hotels and was paid by local councils to fill them with homeless people and asylum seekers, until the tenants rebelled over the conditions in which they were being housed.<ref name=allypally>Template:Cite news</ref>

In 1999, Kassam bought Oxford United F.C. for £1, also taking over its debts, estimated to be in the region of £13m. In 2000, he resumed building a 12,500-capacity stadium at Minchery Farm on the edge of Oxford, which he called the Kassam Stadium. Construction of this stadium had actually been in progress since 1997, but was suspended in the early stages due to the club's financial problems. The fourth side of the stadium was left empty due to Oxford's decline in the league, as they had dropped down two divisions while the stadium was being built. The development includes a hotel, cinema, bowling alley, gym, health centre and restaurants. Oxford United played its first game there on 18 August 2001, in Division Three of the Football League. Kassam sold the football club in 2006,<ref name=merrytakeover>Template:Cite news</ref> but retained ownership of the stadium through his company Firoka with Oxford United (and later also London Welsh RFC) as tenants. Oxford United's old home, the Manor Ground in Headington, was sold by Kassam, first to his own holding company for £6 million, and then to developers for £12 million in 1999. The ground has since been demolished and developed into the Manor Hospital,<ref>Manor Hospital Template:Webarchive</ref> which opened in October 2004.

Kassam also owns the historic mansion and grounds of Heythrop Park which he purchased in 1999 for £15m. The site underwent a £50 million rebuilding programme and has been developed into a luxury hotel and spa with an 18-hole championship golf course and restored landscape gardens. In August 2005, he purchased Studley Castle in Warwickshire, a hotel and conference centre formerly owned by Phoenix Venture Holdings, the consortium who owned carmaker MG Rover from 2000 until 2005.

In February 2006, Kassam's Firoka company was announced as the preferred bidder for the redevelopment of Alexandra Palace in London. The whole Palace would be given to Firoka on a 125-year lease for commercial uses. As it is held on a charitable trust, and Firoka is a private company, this proposal was controversial. It was subject to agreement of the Charity Commission, which received 350 objections to the lease to develop a multi-use exhibition, leisure and entertainment complex. On 5 October 2007 in the High Court, Mr Justice Sullivan granted an application by a member of the conservationist Save Ally Pally group to quash the Charity Commission's Order authorizing the lease.<ref>Template:Cite news</ref>

Net worth

In 2007, his net worth was estimated at £240 million.<ref>Template:Cite web</ref> In the 2017 Sunday Times Rich List, his net worth was £315 million.<ref>Template:Cite web</ref>

External links

• "Development threat to the palace, where television was born" (Independent article on development plans, 30 December 2006)
• "Firoka One Step Closer To Securing Alexandra Palace"
• "TV studios under threat", 29 October 2006 (Account from MP about Firoz Kassam and future of TV studios)
• Ally Pally faces legal challenge (Controversy over Kassam's proposed takeover of Alexandra Palace.)