Riyadh: A foreign company has successfully taken ownership of a Saudi football club for the first time, marking a significant milestone in the kingdom's sports sector. The Saudi sports ministry announced the privatization of three teams in the Saudi Pro League, including the sale of Al Kholood Club to The Harburg Group.
According to Bangladesh Sangbad Sangstha, The Harburg Group, led by American Ben Harburg, confirmed the complete acquisition of Al Kholood Club. This acquisition is part of the ambitious Saudi Vision 2030 initiative, which seeks to privatize and modernize various sectors within the kingdom, including sports. Al Kholood finished ninth in the Saudi Pro League last season, demonstrating its competitive presence in the league.
The Harburg Group, which already holds a 6.5 percent stake in Cadiz, a football club in Spain's second division, is expanding its influence in the football world through this acquisition. In a broader move, the Saudi sports ministry also announced the privatization of Al Ansar and Al Zulfi, with these clubs now under the ownership of investment entities.
Saudi Arabia has been making waves in international football by investing heavily in prominent European stars, a trend that began with Cristiano Ronaldo's high-profile transfer in late 2022. The kingdom is set to host the World Cup in 2034, further solidifying its commitment to becoming a global sports hub.
The Saudi football project has drawn parallels with the Chinese Super League, known for importing high-profile players on lucrative contracts. However, with the upcoming World Cup and Saudi Arabia's strategic shift towards tourism and business diversification, the Saudi Pro League is expected to continue its upward trajectory.
Sports are integral to the Vision 2030 reform agenda, led by Crown Prince Mohammed bin Salman, aiming to reduce the kingdom's reliance on oil exports and diversify its economy. The privatization of football clubs is a key component of this transformative strategy.