Saudi Pro League: Foreign company buys stake in Al Kholood Club - a first in the kingdom
Saudi Arabia announced the privatisation of three football clubs in the Saudi Pro League on Thursday, with American-led Harburg Group becoming the first foreign company to acquire a Saudi club through its 100% purchase of Al Kholood Club.
This development is part of the country's Vision 2030 reform initiative aimed at diversifying the oil-dependent economy.
"The Harburg Group has officially completed the 100 percent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatisation initiative of Saudi Vision 2030," the group, led by Ben Harburg, stated.
The sports ministry confirmed the broader privatisation effort in a separate announcement: "The first three Saudi sports clubs have been privatised through a public offering — Al Ansar, Al Kholood, and Al Zulfi — with their ownership transferred to investment entities."
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Al Kholood, which finished ninth in the 18-team Saudi Pro League last season, joins Harburg Group's portfolio alongside their 6.5 percent stake in Spanish second-division club Cadiz.
Saudi Arabia has transformed its football landscape since late 2022, attracting high-profile players like Cristiano Ronaldo and Karim Benzema to compete in the Saudi Pro League.
The kingdom's football ambitions extend beyond club ownership, as they prepare to host the 2034 FIFA World Cup.
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by Taboola
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The Saudi football initiative has drawn parallels with the Chinese Super League's previous strategy of importing players with substantial salaries, which eventually faltered due to economic challenges.
Sports play a crucial role in Vision 2030, overseen by Crown Prince
Mohammed bin Salman
, as Saudi Arabia positions itself as a tourism and business destination before global oil demand declines.
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