Billionaire Forrest Li ‘seriously considering’ a run for presidency of Football Association of Singapore

SINGAPORE – There could be a contest for the Football Association of Singapore’s (FAS) top post with tech billionaire Forrest Li “seriously considering” a bid for the presidency of the national sports association.

Li, 47, is the founder of homegrown tech firm Sea Limited and reportedly has a net worth of US$8.4 billion (S$11.3 billion). He ranked 12th on Forbes’ Singapore 50 richest list in 2024.

New York Stock Exchange-listed Sea Limited owns e-commerce platform Shopee and also operates businesses in gaming and digital finance.

Sources who spoke to The Straits Times on condition of anonymity said that Li, who is the chairman of Singapore Premier League (SPL) club Lion City Sailors, has discussed with his close allies the possibility of contesting the upcoming FAS elections, which must be held by the end of April.

When approached for comment by ST, a spokesman for Li said: “Forrest received some suggestions from the fraternity to step up for the presidency at the FAS elections this year. Many feel he can help improve Singapore football.

“I can confirm he is seriously considering running for the role of president.”

It is not yet clear who will be in Li’s team if he stands for election. His slate must have eight other candidates for the roles of deputy president, four vice-presidents and three council members.

Li is not the only one who could feature in the FAS elections.

Former Woodlands Wellington general manager R. Vengadasalam is also weighing up his options. On Feb 12, the veteran Singaporean football official took to Facebook to share what appeared to be a campaign logo with the slogan “Football First, for a better tomorrow”.

When approached for comment, the founder and president of Woodlands Lions, whose teams compete in the Singapore Youth League, said: “I want Singapore football to improve drastically and to do that, we need to start with revamping the foundation such as schools football.

“Maybe it is time that I am represented in the council and exco.”

According to the FAS Constitution, a candidate for the office of the president must have played an active role in association football (as board member, committee member, or an official within Fifa, a confederation, an association or an ordinary member of FAS) for two of the last five years before being proposed as a candidate.

Incumbent FAS chief Bernard Tan was elected for the remainder of the 2022-2025 term at the FAS’ annual congress in September 2023.

Having previously served as vice-president (from 2013) and deputy president (from 2017), Tan became acting president in September 2022 after then president Lim Kia Tong died.

In response to queries from ST on the FAS elections, a spokesperson for the national sports association said: “The election timeline, preparation period for candidates and eligibility criteria will follow the guidelines outlined in the Constitution. Any further details will be announced in due course.”

Li, a naturalised Singapore citizen who was born in Tianjin, China, is no stranger to local football.

In 2016, Garena, which is the digital entertainment arm of parent company Sea Limited, inked a $4 million, two-year deal with SPL side Young Lions. The partnership included a $2 million cash sponsorship, with an additional $2 million for developmental programmes for the squad.

In 2019, Li joined the Home United management committee before taking over the club and privatising them as the Sailors in 2020. He also served as an FAS council member from 2017 to 2021.

Since Sea Limited’s investment, the Sailors have breathed new life into Singapore football. On top of winning the 2021 SPL title and the 2023 Singapore Cup, they have made a splash on and off the field.

In 2021, the club made waves with the signing of Brazilian midfielder Diego Lopes from Portuguese Primeira Liga side Rio Ave for €1.8 million (then S$2.89 million). It was the first time that a local club paid a multimillion-dollar transfer fee for a player.

Since then, other notable players such as South Korean Kim Shin-wook, former Belgian Under-21 international Maxime Lestienne and former Dutch international Bart Ramselaar have arrived.

In the region, the Sailors have achieved some significant results, such as stunning Asian giants Jeonbuk Hyundai Motors 2-0 in Asian Champions League action in 2023. They recorded a shock 3-0 win over South Korean side Daegu FC a year earlier as well. The Sailors are currently in the round of 16 of the Asian Champions League Two.

Under Li’s leadership, the Sailors established a $10 million training centre – a 28,000 sq m facility along Mattar Road – in 2022 as part of a “commitment to revitalise local football”.