STC extends MoU for $1.8 bln Saudi soccer broadcast deal

Saudi Telecom Co. (STC) on Thursday said it has extended the memorandum of understanding (MoU) signed with the General Sports Authority (GSA) and Saudi Football Federation by one month.

The MoU was signed in February this year for two months, with the intention of finalizing detailed terms and conditions of the 10-year, SAR 6.6 billion ($1.8 billion) contract to secure exclusive broadcast rights for local soccer matches and matches of the Saudi team.

"The discussion is still ongoing, as this kind of agreement requires a period of time to discuss the available options and the best for the possibility of benefiting from this kind of exclusive rights and the formulation of the basic agreement," the telco said in a statement to Tadawul.

The MoU can be extended further by all parties until a final agreement is reached, it added.

Under the deal, 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.

The deal will also give STC the right to sponsor the marketing of Saudi Professional League matches, along with sponsorship of the Saudi Football Federation, the Referee’s Committee for the seasonal matches, the Saudi national team matches.