Latest news with #HarburgGroup
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!
Al Arabiya
24-07-2025
- Business
- Al Arabiya
Saudi Arabia privatizes three local football clubs through public offering
Saudi Arabia announced on Thursday the privatization of three football clubs, Al Ansar, Al Kholood, and Al Zulfi, through a public offering, the sports ministry said. Ownership of these three clubs has been transferred to investment entities, it said, without giving any financial details. For more Saudi sports news, visit our dedicated page. The ownership of Al Zulfi Club will transfer to Nojoom AlSalam company, Al Kholood to Harburg Group, and Al Ansar to the Awdah AlBiladi And His Sons company. As for other clubs, the ministry confirmed it has completed the bidding stage for Al Nahda Club and is reviewing offers, with an extension granted for further proposals. Sport is one of the pillars of Saudi Arabia's Vision 2030 economic diversification plan that seeks to build new industries and create jobs.
Zawya
24-07-2025
- Business
- Zawya
Saudi Arabia privatises three local soccer clubs through public offering
Saudi Arabia announced on Thursday the privatisation of three soccer clubs, Al-Ansar, Al-Kholood, and Al-Zulfi, through a public offering, the sports ministry said. Ownership of these three clubs has been transferred to investment entities, it said, without giving any financial details. The ownership of Al-Zulfi Club will transfer to Nojoom AlSalam company, Al-Kholood to Harburg Group, and Al-Ansar to the Awdah Al Biladi And His Sons company. As for other clubs, the ministry confirmed it has completed the bidding stage for Al-Nahda Club and is reviewing offers, with an extension granted for further proposals. Sport is one of the pillars of Saudi Arabia's Vision 2030 economic diversification plan that seeks to build new industries and create jobs. (Reporting by Jana Choukeir and Ahmed Elimam Editing by Tomasz Janowski, Kirsten Donovan)
