Saudi Arabia’s Sports Ministry announced on Thursday that six more football clubs will be privatized starting in August, a move made to make the domestic league more competitive and load it with more stars of the caliber of Cristiano Ronaldo, Karim Benzema either Sadio Mane.
The Sports Ministry said in a statement that the first batch of clubs to be offered in early August to Saudi and foreign investors include Al-Zufi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba and Al-Kholoud.
Once the privatization of these teams, which have to make big signings to compete for the national championship, is completed, Saudi Arabia will add eight other lower division clubs to the list, such as Al-Riyadhwithin the framework of the strategy to offer a total of 14 clubs to private investors.
“The project aims to achieve the goals of the kingdom’s Vision 2030 and encourage the business sector to participate in the establishment and growth of the sports industry in a way that benefits all teams, clubs, players and fans,” he noted. .
The Ministry recalled that its expansion project has two paths: offering permits to companies and development organizations to invest in sports clubs in exchange for the transfer of its ownership; and the total privatization of some teams.
Also, he indicated that the strategy aims to improve the administrative and financial management of sports clubs, as well as “create an environment that favors investments in sports and improving the fan experience through the development of infrastructure.” Another of the main objectives of the Ministry is to ensure that the clubs, mainly owned by the state, are financially sustainable.
This is after the Saudi Public Investment Fund (FIP) took over four major clubs in the country last year; he Al-Nasr of christian and Manéhe Al-Hilal of Neymar Jr., he Al-Ittihad of Benzema and the Al-Ahli of Roberto Firmino.
Saudi is betting big on sporting and entertainment events, a venture aimed at attracting foreign direct investment and diversifying the Arab monarchy’s economy, which is heavily dependent on oil revenues.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
