On Monday, Saudi Crown Prince Mohammed bin Salman unveiled the Sports Clubs Investment and Privatisation Project, which is in line with the goals of Vision 2030 to develop the sports sector in Saudi Arabia.
The project aims to enhance the Kingdom’s sporting scene by involving the private sector in its growth.
The initial implementation procedures for the project have been completed, and the announcement was made through the official Saudi Press Agency (SPA).
The Saudi government seeks to encourage and enable private sector participation in the sports industry, leveraging the success of various sporting events held in the country.
In line with this initiative, the ownership of four major football clubs in Saudi Arabia, namely Al Ittihad, Al Ahly, Al Nasr, and Al Hilal, will be transferred to the Public Investment Fund (PIF), with the PIF acquiring a 75 percent ownership stake in these clubs.
The project was introduced during a press conference led by Saudi Arabia’s Minister of Sports, Prince Abdulaziz bin Turki al-Faisal, to provide further details and discuss the implications of the newly launched initiative.