Jeddah-the Ministry of sports held an expanded conference today to reveal the details of the investment and allocation project for sports clubs, launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and prime minister, in the presence of His Royal Highness Prince Abdulaziz bin Turki bin Faisal bin Abdulaziz, Minister of sports and chairman of the Saudi Olympic and Paralympic Committee.
During the conference, Prince Abdulaziz revealed the transformation of four clubs into companies, and the transfer of ownership of these companies to development development entities, after those entities and companies discussed investment opportunities in the sports sector, where the ownership of the Qadisiyah club was transferred to Saudi Aramco, the Diriyah club to the Diriyah Gate Development Authority, Alula club to the royal commission of Alula governorate, and the Falcons club to NEOM.
His Highness Prince Abdulaziz bin Turki bin Faisal bin Abdulaziz also announced the Public Investment Fund's investment in 4 Saudi clubs, by converting them into companies owned by the fund, and a non-profit institution for each club, namely Etihad, Al-Ahli, Al-Nasr and Al-Hilal clubs.
His Highness revealed the establishment of an investment fund for each of the eight club companies whose ownership has been transferred, and depositing the club's value in the investment fund, in exchange for transferring ownership to it, in order to achieve sustainable returns for the benefit of the club company, pointing out that the ownership of Etihad, Ahli, Al Nasr and Crescent clubs will be distributed according to specific proportions, where the Public Investment Fund will have 75% of the ownership of each company, while the remaining part (25%) will be owned by each non-profit organization, provided that these institutions include current members of the General Assembly as well as new members.