STC signs $1.8 bln MoU to broadcast Saudi soccer games

Saudi Telecom Co. (STC) on Monday signed a memorandum of understanding (MoU) with the General Sports Authority (GSA) and Saudi Football Federation to secure exclusive broadcast rights for local soccer matches, the company said in a statement to Tadawul on Tuesday.

The 10-year deal will cost SAR 6 .6 billion ($1.8 billion).

STC will have the exclusive rights to carry out transmission of all local football matches, Custodian of the Two Holy Mosques Cup, Crown Prince’s Cup, Saudi Professional League tournaments, and all the matches of the Saudi national team which fall under the jurisdiction of the Saudi Football Federation.

Additionally, the deal gives STC the right to sponsor the marketing of Saudi Professional League matches, as well as sponsorship of the Saudi Football Federation, the Referee’s Committee for the seasonal matches, the Saudi national team matches.

The MoU also covers technical sponsorship of GSA events.

The detailed terms and conditions of the contract will be finalized within two months starting February 5.