The sale of four elite teams set off a billion-dollar spending binge on international talent, and now the other 14 football clubs in the Saudi Pro League are up for privatization, the ministry of sports said. A statement issued late on Wednesday said that the remaining eight teams in the league, which consists of 18, would be privatized “at a later stage” once six more are made available for purchase next month. Last year, the Public Investment Fund (PIF) of Saudi Arabia, the country’s sovereign wealth vehicle and largest oil exporter, acquired a controlling share in Al Hilal, Al Nassr, Al Ahli, and Al Ittihad.
Superstars like Cristiano Ronaldo, Karim Benzema, and Neymar have all signed lucrative contracts with the four clubs.
In the summer transfer window of last year, Saudi teams, mainly the four controlled by PIF, spent $957 million, which was second only to the English Premier League.
But it led to an unfair season, crowned with the world record of 34 consecutive victories in all competitions set by Al Hilal in the premier division.
According to the ministry, Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, Al Orouba, and Al Kholoud were chosen for the next round in August based on their “administrative capabilities, financial health, and athletic facilities.”
The aim has been upped to 1.8 billion Saudi riyals ($480 million) year, citing “significant commercial revenue growth” as a result of the first privatizations.
“This (privatisation) initiative showcases the commitment to accelerating the transformation of the sports sector,” added the statement.
In an effort to shake off its reputation of staidness and draw in visitors and investment to diversify its economy dependent on oil, the conservative monarchy is making significant investments in sports.
Saudi Arabia, the home of world heavyweight boxing matches and Formula One races, is the only country bidding for the 2034 football World Cup. It also provides funding for the LIV Tour, which is upending the professional golf circuit.
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The manager of English champion Manchester City, Pep Guardiola, said last year that Saudi money had “completely changed the market” for football deals.
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