Saudi Ministry of Sport Begins Transfer of 25% Stakes in Al-Ittihad, Al-Ahli, Al-Hilal and Al-Nassr to PIF
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RIYADH, August 19 (Saudi Arabia Breaking News) — The Saudi Ministry of Sport has begun transferring to the Public Investment Fund the 25% stakes in Al-Ittihad, Al-Ahli, Al-Hilal and Al-Nassr held by the clubs’ nonprofit foundations.
The ministry has also started dissolving the boards of directors governing those foundations after completing the regulatory procedures required for the ownership transfer.
The measures constitute the second phase of the process covering the four clubs.
The ownership transition forms part of the Sports Clubs Investment and Privatization Project, which is intended to strengthen corporate governance, increase the clubs’ investment appeal and support their long-term sustainability.
Source: SPA
