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Another wave of football privatization is in the works, Bloomberg reported on Friday, citing statements by Deputy Sports Minister Bader Alkadi during the Bloomberg Power Players conference in Jeddah. “We expect to have another wave of privatization coming up soon,” Alkadi said. “That gives us an opportunity to make the investment in sport a sustainable investment, an investment that gives us a return to reinvest,” he added.
Announced in December: The Sports Ministry and the National Center for Privatization and Public-Private Partnerships (NCP) announced in December a second phase of a program to privatize and line up investment for sports clubs. The program aims to open the sector to both local and global investors.
BACKGROUND- The first phase of the program saw top football clubs Al Ittihad, Al Ahli, Al Nassr, and Al Hilaltransferred to the PIF in June under the program launched by Crown Prince and Prime Minister Mohamed bin Salman. Under the plan, the four clubs will be 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.
Expect more player transfers too: Alkadi also said that more players are inbound, joining the likes of Karim Benzema, Cristiano Ronaldo and Neymar. It remains unclear if the transfers would be of the same caliber as their predecessors, but Liverpool star Mo Salah is a perennial topic of speculation.
Want to go deeper into the Bloomberg business of sports forum? Tap or click here to watch the stream (watch, runtime: 2:00:37) on Bloomberg LIve.
F1 GRAND PRIX-
Red Bull completed a one-two finish at the Saudi Arabia Grand Prixin Jeddah with Max Verstappen extending his record to nine victories in a row, one shy of the record for most consecutive wins in history — which he holds himself. His Red Bull teammate Sergio Perez came in second while Ferrari’s Charles Lecrec took the last spot on the podium. Rookie Oliver Bearman, stepping in at Ferrari for Carlos Sainz, scored points in his first F1 race to finish in seventh place ahead of seven-time world champion Lewis Hamilton. The 18-year old lit up qualifying after fractionally missing out on Q3.
TENNIS-
ALSO- Tunsian tennis star Ons Jabeur reiterated her support to Saudi’s potential hosting of the 2024 Women’s Tennis Association (WTO) finals, Reuters reported last week. “The country is evolving. I know that other people have a different opinion, which is normal, but I’ve been there a couple of times and I’ve seen how amazing people are, how women are getting more and more rights,” she told reporters at Indian Wells.
REMEMBER- Officials are trying to land the hosting rights for the 2024 WTA finals, drawing criticism from retired tennis icons Chris Evert and Martina Navratilova who have been pushing back against the bid. The opposition drew a smart reply from Princess Reema bint Bandar Al Saud, the Kingdom’s ambassador to Washington. Princess Reema said Evert and Navratilova’s opposition was “based on arguments that are outdated stereotypes and western-centric views of our culture.”
EGYPT CUP-
Al Ahly was crowned Egypt Cup champions at Al Awwal Stadium in Riyadh on Friday after two last-gasp goals against rival Zamalek. Former Zamalek player Emam Ashour bagged the first goal in the 84th minute while Mohammed Magdy ‘Afsha’ consolidated the victory with another 10 minutes later.
FIGHTING- Former heavyweight world champion Anthony Joshua knocked out former UFC heavyweight champion Francis Ngannou three times in two rounds at the Kingdom Arena on Saturday.
AND- Handball club Al Khaleej was crowned champions of the AHF Asian Men’s Handball Championship for the third time in a row on Friday. The team left victorious with a score of 21-18 against Al Safa Club.
