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Saudi Arabia Announces Privatization Of 14 Sports Teams

The Ministry of Sport announced on Wednesday that 14 teams from various divisions will be privatized as part of the second phase of the second track in the Sports Clubs Investment and Privatization Project.

In this phase, sports clubs at various levels will be made available for privatization to both domestic and foreign investors. The first batch of clubs includes six clubs (Al-Zulfi, Al-Nahda, Al-Okhdood, Al-Ansar, Al-Orouba, and Al-Kholood).

Investors can visit the NCP website to apply and get the required information if they want to invest in the clubs included in the first batch starting from August 2024.

Al-Shoulla, Hajar, Al-Najma, Al-Riyadh, Al-Rawda, Jeddah, Al-Taraji, and Al-Sahel are the next eight clubs whose offerings will be completed sequentially later.

This initiative is in collaboration with the National Privatization Center (NCP) and follows the Council of Ministers’ resolution made on Tuesday, 2 July 2024, to approve the project document. This also continues the project launched by the Crown Prince back in June of last year.

The project aims to attain the objectives of the Kingdom’s Vision 2030 and to encourage the business sector to take part in the establishment and growth of the sports industry in a manner that would benefit all teams, clubs, players, and fans.

There were two primary tracks used to initiate the project. The first was granting permission for businesses and development organizations to invest in sports teams in return for a transfer of ownership. There were eight clubs on this track.

The second track, which was launched, offered several sports clubs for privatization. The track will now be completed with a second phase, which is offering six clubs for privatization, with the stage being completed by offering other clubs during the coming period, in accordance with the project’s strategic plans. The first phase of the track involved registering the interest of local and international entities wishing to invest in sports clubs.

This announcement is in line with the efforts made to accomplish the main goals of the club investment and privatization project, which include improving the administrative and financial governance of sports clubs, creating an environment that is conducive to sports investment, and improving the fan experience through the development of infrastructure.

The project also demonstrates the Ministry’s enthusiasm to be able to help sports teams become financially sustainable and operate at the highest levels of professionalism and try to solidify its relationships with businesses.

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Source
Saudi Gazette

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