Public Investment Fund takes ownership of top Saudi sports clubs in line with Vision 2030 goals

The fund’s ownership in each club will be 75%, and each non-profit sports organization – for each of the four clubs – will own 25% of the club.

This came during a press conference on the investment and privatization project for Saudi sports clubs.

Earlier on Monday, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the investment and privatization project for sports clubs, after completing the executive procedures for the first phase.

The project comes to achieve the goals of Saudi Vision 2030 in the sports sector, which aims to build an effective sports sector, by stimulating and enabling the private sector to contribute to the development of the sports sector, in order to achieve the desired distinction for national teams, sports clubs and practitioners at all levels, according to the Saudi Press Agency (SPA). .

The project at the current stage includes two main tracks; The first is to approve the investment of major companies and development agencies in sports clubs, in exchange for transferring ownership of the clubs to them, and the second is to offer a number of sports clubs for privatization, starting from the last quarter of 2023.