2023-07-05 14:25:35
Saudi Arabia is seeking to launch a billion-dollar investment company, with the aim of expanding its interest in the kingdom’s sports sector, according to a report published by the Financial Times, citing informed sources.
According to the report, the new company will be affiliated with the Saudi Public Investment Fund.
The report also indicated that Riyadh is seeking to increase acquisitions and investment in the sports sectors in general, and in football in particular.
Saudi Arabia is seeking to attract more investors in the sports sector, specifically football, by increasing the competitiveness of the sector and then offering shares of clubs for sale to investors, as an additional step following the Kingdom’s attempt to attract players from the top soccer stars in Europe.
The Saudi League is discussing various options for concluding more new joint broadcast deals and partnerships, with the aim of enhancing competitiveness in the Kingdom, which seeks to become a force in the world of professional football, according to a report published by “Bloomberg”, quoting informed sources.
Last June, Saudi Arabia announced the transfer of ownership of 4 major local clubs, namely Al-Ittihad, Al-Ahly, Al-Nasr and Al-Hilal, to the Saudi Public Investment Fund, as part of the investment and privatization project for sports clubs.
The “Bloomberg” report, quoting private sources, stated that the aim of the ongoing talks is to promote and build the brands of sports clubs, and then sell shares of them to investors and international stock companies.
During the recent period, various Saudi clubs announced the conclusion of major deals with international players and professional coaches.
The Portuguese international player, Cristiano Ronaldo, had moved to the Saudi club Al-Nasr at the beginning of this year, after amicably ending his contract with the English club “Man United”, for 200 million euros per season until the year 2025.
And ittihad Jeddah Club, the Saudi Football League champion, announced, on Tuesday, its contract with promising Portuguese striker Joao Felipe “Jota” (24 years), for a period of three years from Scottish Celtic.
It is the federation’s third deal in the current summer transfer market, after the French, Karim Benzema and Ngolo Kante.
The Saudi Al-Ittifaq club also announced the appointment of former Liverpool star Stephen Gerrard as its new coach.
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