Latest news with #BenHarburg
Saudi Gazette
25-07-2025
- Business
- Saudi Gazette
Harbinger Group becomes first foreign owner in Saudi Pro League
Saudi Gazette report RIYADH — U.S.-based Harbinger Group has officially become the first foreign owner of a Saudi Pro League club after completing a full acquisition of Al-Kholood FC, the Ministry of Sports announced. The move signals a new era of international investment in Saudi football. In a statement, Harbinger Group confirmed it had acquired 100% ownership of the club based in Al-Rass, which finished ninth in the 2024–25 Saudi Pro League season. The Ministry also revealed that two other clubs — Al-Ansar and Al-Zulfi — have been successfully privatized and transferred to new investors as part of Saudi Arabia's broader sports privatization strategy. Ben Harburg, the founder and managing partner of Harbinger Group, said the acquisition of Al-Kholood was a "tremendous honor," positioning the group as the first foreign entity to fully own a top-tier Saudi football club. "We are on the cusp of extraordinary growth under Saudi Arabia's Vision 2030, especially with the Kingdom hosting the FIFA World Cup in 2034," Harburg said in a video statement shared by the Ministry. 'We believe football players are Saudi Arabia's greatest export to come.' On their journey to acquiring Al-Kholood Club Ben Harburg and Brian Wright Vias speak : — Ministry of Sport (@mosgovsa_en) July 24, 2025 "During our due diligence process, we reviewed multiple clubs, but Al-Kholood stood out due to its strong trajectory, passionate fanbase, and the dynamic Al-Qassim region." Brian Wright Vias, a senior member of Harbinger, described the acquisition as both a privilege and a great responsibility. 'We are grateful to the Ministry of Sports and to the Saudi people for this opportunity,' he said. 'Our goal is not to buy global stars, but to develop them — to build Saudi talent and make them global exports.' Unlike the Kingdom's four elite clubs — Al Hilal, Al Nassr, Al Ittihad, and Al Ahli — which are majority-owned by the Public Investment Fund (PIF) and have attracted world-class players like Cristiano Ronaldo, Karim Benzema, and Neymar, Al-Kholood currently does not field global superstars. But the new owners believe in long-term development. This milestone is part of the Saudi Ministry of Sports' privatization initiative, in collaboration with the National Center for Privatization. The program aims to foster private sector participation and enable clubs to become financially sustainable, talent-driven entities that contribute to the growing sports ecosystem. Since 2022, Saudi Arabia has significantly ramped up its investment in football, highlighted by Ronaldo's record-setting arrival and a wave of international signings, sponsorships, and global tournaments hosted across the Kingdom — from Formula 1 and LIV Golf to boxing, MotoGP, and the Spanish and Italian Super Cups. With the privatization of Al-Kholood, Al-Ansar, and Al-Zulfi, Saudi Arabia has taken a major step forward in transforming its domestic football landscape and welcoming international partnerships as part of Vision 2030's sports transformation goals.
Al Etihad
24-07-2025
- Business
- Al Etihad
First foreign firm takes ownership of Saudi football club
24 July 2025 21:18 RIYADH, SAUDI ARABIA (AFP) A foreign company sealed the purchase of a Saudi football club - a first in the kingdom - the country's Sports Ministry said Thursday, as it announced the privatisation of three teams in the Saudi Pro League. The Harburg Group - led by American Ben Harburg - said it had "officially completed the 100 per cent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatisation initiative of Saudi Vision 2030."Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro Harburg Group currently owns a 6.5 per cent stake in Cadiz, a club in Spain's second a separate statement, the ministry said: "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."Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Cristiano Ronaldo's move in late 2022, and the desert nation will host the FIFA World Cup in the past two years, Saudi football fans could watch the likes of Ronaldo and Karim Benzema on any given weekend during the Saudi Pro League season in the Saudi football project has drawn comparisons with the Chinese Super League, which imported players on exorbitant salaries until team owners went bust as the Chinese economy fizzled. Sports are a major component of the Vision 2030 reform agenda, which aims to diversify the economy of the world's top crude oil exporter.
Bloomberg
24-07-2025
- Business
- Bloomberg
Saudi Football Club Acquired by Harburg in First Foreign Deal
A Saudi Pro League football club has been acquired by Harburg Group, the global sports firm founded by foreign investor Ben Harburg, in the first deal of its kind for the kingdom. Harburg Group completed the outright acquisition of Al-Kholood Club in a transaction led by the Saudi Ministry of Sport and the Saudi National Center for Privatization, according to statements on Thursday. Financial terms were not disclosed.
Time of India
24-07-2025
- Business
- Time of India
Saudi Pro League: Foreign company buys stake in Al Kholood Club - a first in the kingdom
Players from Al Kholood, a football club in Saudi Pro League. (Image: X/SPL) 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." Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo 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. For real-time updates, scores, and highlights, follow our live coverage of the India vs England Test match here. Catch Rani Rampal's inspiring story on Game On, Episode 4. Watch Here!
Bloomberg
09-06-2025
- Business
- Bloomberg
Why China May Need to Break Up Some Big Businesses
Ben Harburg, Novo Capital managing partner, says China is realizing that some of their biggest businesses may be getting "too big," with the Chinese government requiring them to be divested or broken up. He speaks with Caroline Hyde on 'Bloomberg Tech' on how this could help trade negotiations with the US. (Source: Bloomberg)
