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More sports clubs up for grabs: Some 14 football clubs from various divisions are set to go private in the second phase of a privatization program aimed at lining up investment in the industry, according to a statement on X by the Sports Ministry. Both domestic and foreign investors will be invited to bid in the sale process, which the ministry is running with the National Center for Privatization and Public-Private Partnerships (NCP).
The first batch of clubs set in the second phase include Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, Al Orouba and Al Kholoud, according to the statement. Investors looking to invest in the six clubs can register their interest starting in August, it added.
The second batch will include Al Shoulla, Hajar, Al Najma, Al Riyadh, Al Rawda, Jeddah, Al Taraji and Al Sahel. Those clubs will be offered to investors “at a later date,” the ministry said.
This has been in the works for a while: The second phase of the program was announced in December last year as officials look to open the sector to both global and global investors. The first phase helped rake in “significant commercial revenue growth” for the Saudi Pro League, AFP reported, citing statements from the ministry. The ministry was said to be looking to raise some SAR 1.8 bn (c. USD 480 mn) annually from the upcoming wave of privatization.
BACKGROUND- The first phase of the program saw top football clubs Al Ittihad, Al Ahli, Al Nassr, and Al Hilal transferred to the PIF in June last year under the program launched by Crown Prince and Prime Minister Mohamed bin Salman. Under the plan, the four clubs were transformed into companies with the PIF holding a 75% stake, with the remaining 25% being up for grabs via their general assemblies, Sports Minister Prince Abdulaziz bin Turki Al Faisal said at the time. The first stage of the scheme helped the four clubs sign some of the world’s top football stars (think Cristiano Ronaldo, Karim Benzema and others), with the league’s clubs collectively spending almost USD 1 trn in last year’s summer transfer window.
IN OTHER SPORTS NEWS-
Al Ittihad has parted ways with its coach Marcelo Gallardo after the club announced the termination of the Argentinian manager’s contract in a post on X. Gallardo had come in to replace the former English Premier League manager Nuno Espirito Santo in November in hopes to revive the team’s fortunes, but fell short of reversing results after finishing 5th in the league last season, Reuters reported.
