Saudi Gazette report

JEDDAH — Saudi Arabia announced on Monday transforming Saudi Pro League big four clubs, Al Hilal, Al Ahli, Al Nassr, and Al Ittihad into companies owned by Public Investment Fund (PIF) and non-profit foundations for each club.

This comes as part Monday’s announcement of the Sports Clubs Investment and Privatization Project.

Existing members of each club will be included in the four foundations. PIF will own 75 percent of the ownership in each club and will choose five members of the board of each club.

The other two members will be chosen by the general assembly of non-profit foundations and the president of each club will be one of those elected by the foundation.

The fund is working with the Sports Ministry on all the necessary regulatory procedures to complete the clubs’ transfers to their new structures as newly founded companies alongside non-profit foundations.

The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.

As part of the Investment projects, national developments bodies in the Kingdom was granted the ownerships of some clubs in the first and second divisions.

The bodies include Saudi Aramco, Diriyah Gate Development Authority, Royal Commission for AlUla and NEOM.