As more international players join Saudi league, country announces launch of investment and privatisation project in a bid to grow the sport.
Some of football’s biggest names will play next season in Saudi Arabia.
Portuguese superstar Cristiano Ronaldo joined Al Nassr in December, while this month French duo Karim Benzema and N’Golo Kante left Real Madrid and Chelsea, respectively, for Saudi champions Al Ittihad. Many more stars are expected to arrive before the start of the Saudi Professional League in August.
But arguably just as significant as the blockbuster transfers was an announcement that the kingdom’s sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, would take over four big domestic football clubs: the Riyadh-based Al Nassr and Al Hilal, and the Jeddah-based Al Ittihad and Al Ahli.
The ownership shift to the Public Investment Fund (PIF) signalled the start of a process to privatise clubs which have historically been under the control of the Ministry of Sports and relied on the state for financial support.
According to Saudi Press Agency (SPA), the process aims to encourage the sport’s growth by attracting further investment, including by eventually enabling private sector involvement in clubs.
The plan centres around three main areas: Create an appealing investment environment; improve the governance of the clubs in order for them to become more professional and financially sustainable; and boost their competitiveness by upgrading their infrastructure.