Foreign company takes full ownership of a Saudi Pro League Club
In a landmark development for Saudi football, a foreign company has taken
full ownership of a Saudi Pro League club for the first time, the Kingdom’s
Ministry of Sports announced on Thursday. The move comes as part of the
country’s broader effort to privatize sports under the Vision 2030 reform plan.
The Harburg Group, led by American investor Ben Harburg, confirmed it has
completed the 100% acquisition of Al Kholood Club, marking a significant
milestone in the ongoing privatization of Saudi football.
“This acquisition of Al Kholood Club is part of the groundbreaking
privatization initiative under Saudi Vision 2030,” the Harburg Group said in a
statement. Al Kholood finished ninth in the 18-team Saudi Pro League last
season.
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The group also holds a 6.5% stake in Spanish second-division club Cádiz,
further expanding its international football portfolio.
In a separate announcement, the Sports Ministry revealed that three clubs —
Al Ansar, Al Kholood, and Al Zulfi — have been privatized through public
offerings and are now under the control of investment entities.
Saudi Arabia has made global headlines by investing heavily in football,
attracting European stars like Cristiano Ronaldo and Karim Benzema in recent
years. With the Kingdom set to host the FIFA World Cup in 2034, its football
ambitions are only growing.
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Arabia's Vision 2030: transforming football into a global powerhouse
Unlike the short-lived spending spree of China’s Super League, Saudi
Arabia’s strategy is tied to its long-term goal of economic diversification.
Through Vision 2030, spearheaded by Crown Prince Mohammed bin Salman, the
Kingdom is leveraging sports — including football — to reshape its global
image, reduce dependence on oil, and build a thriving tourism and business hub.
Source:
AFP
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