Four Saudi football clubs – Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal – have been converted into companies that are owned by the Public Investment Fund (PIF) and non-profit foundations. Existing members of each club will be included in the four foundations. PIF said in a social media post that it is working closely with the Ministry of Sport on all the necessary regulatory procedures to complete the clubs’ transfers to their new structures as newly founded companies alongside non-profit foundations. The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports. The PIF statement followed the announcement of the Sports Clubs Investment and Privatisation Project by Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud. The project comprises two primary components: Corporations and public sector organisations investing in sports clubs based on their value and the privatisation of sports clubs starting from the final quarter of 2023. The objectives include fostering an attractive investment environment, enhancing professionalism and financial sustainability in sports clubs, and improving their competitiveness and infrastructure. With a focus on football, the project seeks to elevate the Saudi Pro League's commercial revenues and market value, while nurturing talent and increasing participation in sports across the kingdom. Developing football is emerging as a key area of interest for the Saudi leadership. In May, the Sports Ministry is undertaking a $2.7bn programme to build new sporting facilities and upgrade existing ones over the coming five years. The projects will be a component of the joint bid that Saudi Arabia is making to host the Fifa 2030 World Cup alongside Egypt and Greece. The projects are: Increasing the capacity of King Fahd Stadium in Riyadh to 92,000 seats Expanding the seating capacity of Riyadh’s Prince Faisal bin Fahd Stadium to 45,000. Increasing the capacity of Prince Mohammed bin Fahd Stadium to 30,000 seats. An increase in seating capacity for the Prince Saud bin Jalawi Stadium in Al-Khair to 45,000 The construction of a new, sustainable New Riyadh Stadium in the north of Riyadh with 45,000 seats All five stadium projects are at the design stage, with construction due to start between October this year and February 2024. (ICE RIYADH)

Fonte notizia: Meed