Sports Minister Suspends Investment and Privatization Project for Sports Clubs
Sports Minister Prince Abdulaziz bin Turki Al-Faisal has suspended the launch of an investment and privatization project for sports clubs following the completion of phase one execution procedures to achieve the goals of the Saudi Vision 2030 in the sports sector.
Historic Milestone for Saudi Sports
Al Faisal wrote on his Twitter account: “With the support of His Highness the Crown Prince and his ambitious vision, we are witnessing a historic milestone for Saudi sports, His Highness has launched a project to privatize sports clubs.
Main Directions of the Project
The project at the current stage includes two main directions. The first is to approve investments by large companies and development agencies in sports clubs in exchange for transferring ownership of the clubs to them, and the second is to propose a number of sports clubs for privatization starting from the last quarter of 2023.
Three Strategic Goals of the Project
The project is based on three strategic goals presented in creating quality opportunities and an attractive environment for investment in the sports sector in order to achieve a sustainable sports economy, increase the level of professionalism and administrative and financial management in sports clubs, in addition to raising the level of clubs and developing their infrastructure to provide providing the best possible service to sports fans, which translates positively into a better viewing experience.
Objective of the Project
The transfer and privatization of clubs as a whole aims to achieve qualitative leaps in various sports in the Kingdom by 2030, create an outstanding generation in sports at the regional and global levels, and develop the football game and its competitions in particular, to bring the Saudi Arabian League into list of the best (10) leagues in the world. Increasing the revenue of the Saudi Arabian Professional League from 450 million riyals to more than 1.8 billion rials per year, as well as increasing the market value of the Saudi Arabian Professional League. from 3 billion to more than 8 billion rials.
