Saudi Arabia Plans To Increase Market Value Of National Football Clubs To $2.1Bln - Ryadh

Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched an investment and privatization project for sports clubs, the Saudi Arabian government said on Monday

RIYADH (UrduPoint News / Sputnik - 05th June, 2023) Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has launched an investment and privatization project for sports clubs, the Saudi Arabian government said on Monday.

According to the statement published on its website, Saudi Arabia plans to offer private companies the privatization of a number of sports clubs starting from the last quarter of 2023.

Under the program, clubs will be privatized and invested in exchange for transferring ownership of the clubs to companies. These actions are aimed at achieving improved results in various sports in Saudi Arabia by 2030.

The government intends to bring the national league into the top 10 leagues in the world. For this purpose, the authorities want to raise the market value of the football league from 3 billion rials ($800 million) to more than 8 billion rials ($2.1 billion).

Five-time Ballon d'Or winner Cristiano Ronaldo is currently playing for Saudi Arabia's Al-Nassr football club. Media reported that Saudi Arabian clubs were planning to sign other star players, including Real Madrid striker Karim Benzema.