Saudi Crown Prince Mohammed bin Salman Al Saud has launched a project to invest and privatize sports clubs to achieve the goals of the Saudi Vision 2030 in the sports sector, which aims to create a viable sports sector.

At this stage, the project includes two main areas, the first of which is the approval of investments by large companies and development agencies in sports clubs in exchange for transferring ownership of the clubs to them, and the second is the offer of a number of sports clubs for privatization starting from the last quarter of 2023.

According to the Saudi Press Agency SPA, the project is based on three strategic goals presented in creating quality opportunities and an attractive environment for investment in the sports sector in order to achieve a sustainable sports economy, increase the level of professionalism and administrative and financial management in sports clubs, as well as increase level of clubs and the development of their infrastructure to provide the best services for sports fans.

Source: agencies

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Chang Michel is a sports reporter for 24PalNews. He has also covered sports for TV and radio in Miami, Newark, and Atlanta. Chang, a native of Queens, NY, graduated from Georgetown University with a degree in international affairs and French.

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