Saudi Arabia to privatize football clubs by early August: report

09/02/2017 Argaam

Saudi Arabia will complete the privatization of three to five state-run sports clubs by the end of July or in early August, Al-Eqtisadiah newspaper reported on Thursday, citing unnamed sources familiar with the matter.

 

The sports clubs to be privatized have not been yet finalized, the sources added.

 

Last November, the kingdom’s cabinet approved a recommendation by the Commission of Economic and Development Affairs to turn state-owned sports clubs into private companies to participate in the Saudi Professional League.

 

The privatized clubs will be licensed by the Saudi government’s sports authority.

 

Earlier this week, Saudi Arabia reportedly appointed Jadwa Investment, one of the kingdom’s largest privately owned investment banks, to advise on the privatization of five football clubs in the Saudi Professional League.

 

The league consists of 14 mostly government-owned teams, and hires foreign players under a quota system. 

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