Sports Ministry launches second component of clubs privatization project

The Ministry of Sports announced today, in collaboration of the National Privatization Program, the launch of the second component of the sports investment and privatization project, which comes in line with Vision 2030 and aims to spur private-sector engagement in developing the sports sector.

The second component of the project includes registering interest by local and global players in investing in sports clubs, as a first step to begin the offering process.

The ministry also said that those interested in investing in sports clubs should visit its website to register their required data.

Crown Prince Mohammed bin Salman launched on June 5, the investment and privatization project for sports clubs upon completing the implementing procedures of the first stage, according to Argaam's data.

This comprises two main components: the first is to approve the investment of major corporations and public sector organizations in sports clubs in exchange for transferring clubs' ownership to them, and the second is to offer a number of the sports clubs for privatization starting from Q4 2023.

The project is based on three strategic objectives, namely creating qualitative opportunities, besides an attractive environment for investment in the sports sector to achieve a sustainable sports economy; boost professionalism, governance and financial sustainability, in addition to improving the infrastructure of these clubs to provide the best services to the sports fans. This will reflect positively on the audience's experience.

Source : Argaam