Saudi Crown Prince launches Sports Clubs Investment and Privatization Project

Saudi Crown Prince Mohammed bin Salman launched the Sports Clubs Investment and Privatization Project on Monday, which aligns with the Vision 2030 goals to elevate the sporting scene in the Kingdom.
The announcement, carried by the official Saudi Press Agency (SPA), comes after the first stage of implementation procedures were completed.
The Kingdom’s sports scene, which has seen a boost through several sporting events, seeks to encourage and enable the private sector to contribute to the industry’s growth.
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According to SPA, the project’s current status stands at two main tracks.
“The first entails approving the investment of major companies and development agencies in sports clubs in return of transferring the clubs’ ownership to them,” SPA reported. “The second component involves privatizing a number of sports clubs starting from the last quarter of 2023.”
Three strategic objectives underpin the project:
Fostering investment opportunities and an appealing investment environment in the sports sector.
Boosting professionalism, governance, and financial sustainability in sports clubs.
Enhancing clubs’ competitiveness and infrastructure.
“The ultimate impact will see the provision of world-class services to sports fans, enriching the fan experience and driving community participation.”
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