The wealthy businessman stepped down as Zamalek president on November 6th, following a series of problems and conflicts inside the club.

Abbas, who was heavily vilified before handing in his resignation, revealed that a newspaper headline was the reason why he quitted all of a sudden.

"I was infuriated by an Al-Ahram headline, which stated that the Egyptian National Sports Council (NSC) will decide on Zamalek's future, whereas only the club's general assembly is responsible for that," Abbas told Al-Hayat TV.

He also played down suggestions that his departure will cause financial problems for the club in the immediate future, asserting that Zamalek won’t need a new source of funding as rumored.

"Zamalek's estimated revenue till July is approximately EGY 66 million. 38 million is gained from the commercial outlets along the club's perimeter, another four from advertising and ten in return for the matches broadcasting rights," he explained.

The Cairo giants used to rely on Abbas' money during the past few years as they are far away from being a self-sufficient club.

Zaki's Price

Abbas also denied allegations that Zamalek would have to sell Amr Zaki, who's currently loaned out to Premier League club Wigan Athletic, for any fee in order to avoid a severe deficit.

"The Whites are economically viable and there are no financial problems that may force them to accept a derisory offer for Zaki," he said.

"The possibility of selling him for $ eight million is utter nonsense. I spoke to European agents and they assured me that his estimated worth is not less than € 25 million."

Zaki's price has risen after he made an instant impact in the Premier League, scoring eight goals to lie second in the scoring chart.

His expected move to a bigger club than Wigan in the summer would hand Zamalek a financial boost.

The five-time African champions seek to generate more income in order to compete with arch-rivals Ahli in the transfer market. The Red Devils usually have the upper hand in new deals.