Prince Muhammad bin Salman transferred four Saudi clubs (Al-Hilal - Al-Ahly - Al-Nasr - Al-Ittihad) to non-profit companies owned by the Saudi Sovereign Fund, with the aim of developing Saudi sports.
The Saudi Minister of Sports thanked Prince Mohammed bin Salman for this step, considering it a stronger opportunity to develop Saudi sports.
The Saudi Sovereign Fund will own 75% of these clubs, in addition to non-profit companies with 25% for each club.
This move is part of the Vision 2030 plan to diversify the Saudi economy and promote sports as a means of entertainment and tourism. The non-profit companies will be responsible for managing the clubs' finances and operations, while the Saudi Sovereign Fund will provide funding for their development and expansion.
The transfer of ownership has been met with mixed reactions from fans and analysts. Some see it as a positive step towards professionalizing the clubs and improving their performance, while others are concerned about potential conflicts of interest and the loss of community ownership.
Overall, the move reflects the Saudi government's commitment to modernizing and reforming the country's sports sector, which has traditionally been dominated by government-run organizations. By transferring ownership to non-profit entities, the government hopes to create a more competitive and sustainable sports industry that can contribute to the country's economic growth and social development.
