The Sports Clubs Investment and Privatisation Project was introduced on Monday by Saudi Crown Prince Mohammed bin Salman. This project is in line with Vision 2030's objectives to improve the Kingdom's sports landscape.
The declaration was made following the conclusion of the initial phase of the implementation procedures and was released by the official Saudi Press Agency (SPA).
The Kingdom's sports scene, which has benefited from a number of sporting events, aims to support and facilitate the private sector's involvement in the expansion of the sector.
There are now two main tracks for the project, according to SPA.
The first involves giving the go-ahead for big businesses and development organisations to invest in sports teams in exchange for their gaining ownership of the clubs, according to SPA. Starting in the last quarter of 2023, a number of sports clubs will be privatised as part of the second component.
Al Ittihad, Al Ahly, Al Nasr, and Al Hilal clubs have had 75% of their ownership transferred to the Public Investment Fund (PIF), according to a move made by the Kingdom on Monday that is in line with the strategy.
At a press conference to highlight the recently established project, Saudi Arabia's Minister of Sports, Prince Abdulaziz bin Turki al-Faisal, made the announcement.
Concerning the Sports Clubs
The enormous investment potential in this industry is demonstrated by the report's observation that "mass participation in sports has increased from 13 percent in 2015 to close to 50 percent in 2022 and the number of sports federations has increased from 32 in 2015 to over 95 in 2022."
"Since football is the national sport of Saudi Arabia and is growing at an unprecedented rate, the project places a significant emphasis on the sport, which is played by over 80% of the country's population," SPA stated.
The concept also seeks to place the Saudi Pro League among the top 10 leagues in the world by raising its worldwide ranking.
"In addition, the project aims to increase the Roshn Saudi League's market value from SAR 3 billion to more than SAR 8 billion by 2030, as well as boost the league's commercial revenues from $120 million (SAR 450 million) in 2022 to over $480 million (SAR 1.8 billion) annually."
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