Crown Prince Mohammed bin Salman
Crown Prince Mohammed bin Salman launched today, June 5, the investment and privatization project for sports clubs upon completing the implementing procedures of the first stage, Saudi Press Agency reported.
This comprises two main components: the first is to approve the investment of major corporations and public sector organizations in sports clubs in exchange for transferring clubs' ownership to them, and the second is to offer a number of the sports clubs for privatization starting from Q4 2023.
The project is based on three strategic objectives, namely creating qualitative opportunities, besides an attractive environment for investment in the sports sector to achieve a sustainable sports economy; boost professionalism, governance and financial sustainability, in addition to improving the infrastructure of these clubs to provide the best services to the sports fans. This will reflect positively on the audience's experience.
The project aims to achieve qualitative strides in the Kingdom’s various sports by 2030, raise a distinguished generation at the regional and global levels, and to develop football sports and the alike across the Kingdom. It further targets to increase competition and nurture future champions, increase commercial revenue from SAR 450 million in 2022 to over SAR 1.8 billion annually, and boost the market value of the Saudi Pro League from SAR 3 billion to SAR 8 billion by 2030.
This came in line with the Saudi Vision 2030 objectives related to the sports sector with the aim of building an effective sports industry while stimulating and enabling the private sector to contribute to such development.
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