Riyadh (AFP)
The Saudi Ministry of Sports has launched the second phase of the investment and privatization project for football clubs, after a first phase that saw the four major clubs attract international stars for hundreds of millions of dollars last year.
The ministry said in a statement that six clubs of different levels will be offered for privatization next August and eight at a later stage.
Last year, the Public Investment Fund acquired Al-Hilal, Al-Nasr, Al-Ittihad and Al-Ahly clubs.
The four clubs have signed international stars such as Portuguese Cristiano Ronaldo, the world’s best player 5 times, French Karim Benzema, the 2022 Ballon d’Or winner, and Brazilian Neymar.
Saudi league clubs, led by the four owned by the Public Investment Fund, spent $957 million in the transfer market last summer, second in the leagues with the highest spending after the English Premier League.
Al Zulfi, Al Nahda, Al Akhdoud, Al Ansar, Al Orouba and Al Khulud clubs were selected for privatization in the second phase next August, based on their operational and financial readiness, administrative capabilities and sports facilities.
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