The Public Investment Fund acquires Al-Hilal, Al-Nasr, Al-Ittihad and Al-Ahly clubs

The Minister of Sports, Abdulaziz bin Turki Al-Faisal, announced the acquisition of the Public Investment Fund, 4 clubs will be transferred to companies owned by the fund.

Al-Faisal announced that the boards of directors of Al-Hilal, Al-Nasr, Al-Ittihad and Al-Ahly club companies will consist of 5 members appointed by the Investment Fund and 2 nominated by the non-profit organization.

The Minister of Sports stated that the clubs that Al-Sandouth will take over are Hilal, Al-Nasr, Al-Ittihad and Al-Ahly.

He pointed out that the goal of the club privatization project is for the Saudi Professional League to be among the top 10 leagues in the world.

He stressed that the club privatization project aims to raise the market value of the Saudi League from 1.8 billion riyals annually to more than 8 billion Saudi riyals.

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 this year.

The project aims to create quality opportunities and an attractive environment for investment in the sports sector to achieve a sustainable sports economy, raise the level of professionalism and administrative and financial governance in sports clubs, raise the level of clubs and develop their infrastructure to provide the best services to sports fans, which will reflect positively on improving the audience experience.