News Sports

A tendency to privatize Saudi clubs.. and an announcement in the coming hours

A tendency to privatize Saudi clubs.. and an announcement in the coming hours

A tendency to privatize Saudi clubs.. and an announcement in the coming hours

The Saudi Professional League clubs have become the focus of the world’s attention, after they included a number of football stars, most notably the Portuguese star Cristiano Ronaldo, who joined Al-Nasr in a record deal last January.

Attention towards Saudi football did not stop at Ronaldo’s deal, but the recent period witnessed negotiations between a number of Saudi clubs and international stars led by the Argentine star Lionel Messi, whose contract with Paris Saint-Germain of France expired, and is linked to advanced negotiations with Al Hilal Club.

Saudi football is moving towards a golden period to keep pace with the developments taking place in the Kingdom in all sectors and aspects of life during recent years, and Saudi clubs may enter the competitions of the new season, with a number of changes, most notably in terms of financial management, in light of a strategic plan implemented by the Ministry of Sports to transform them into profitable institutions. And qualifying it for privatization, and the first of these steps may be implemented in the coming hours.

The goal of privatization has been being worked on by the Ministry of Sports, headed by Prince Abdulaziz bin Turki Al-Faisal, for some time, but it has been hindered by financial crises and the debts that accumulate on clubs. In this way to achieve this goal, the Ministry provided a deadline to pay off debts, with government financial support, according to specific criteria set by the Ministry.

Amidst the momentum of major transfers expected to be concluded by Saudi clubs during the summer transfer period, the privatization of some sports clubs comes into effect, and the official announcement may be within hours.

According to the Saudi Projects account on Twitter, it will be announced during the coming period that the ownership of a number of Saudi sports clubs will be transferred to a group of Public Investment Fund companies that it owns in whole or in part.

He added that a few days separate us from the first announcements of one of the largest Saudi companies, and these rapid moves come to move the clubs to a level that keeps pace with the ambitious plan according to the Kingdom’s Vision 2030 to transfer the Saudi League to the ranks of the major leagues in the world.

Previous post
A “Normal Message” causes the crash of “WhatsApp” on Android
Next post
Morato wins the Player of the Month award for May

Leave a Reply