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Saudi press reports revealed a trend to cancel the board elections of non-profit institutions Al-Nasr, Al-Ahli and Al-Ittihad clubs, given the ongoing preparations to offer the Public Investment Fund-owned clubs to investors.
Saudi newspaper Al-Riyadiya explained that the move comes as part of a plan to speed up sales procedures and create a legal and regulatory environment, giving potential investors a clear path without the administrative complications associated with new elections.
The fate of the boards of directors of the three club companies is expected to remain directly linked to the upcoming takeover, as the new owner will have full authority to retain the current management or make changes in line with its sporting and investment strategy.
On April 27, the paper alone pointed out that Al-Ittihad Investment Club’s proposal could lead to the cancellation of the election, a scenario that current data suggests could also extend to Al-Nasr and Al-Ahli.
The move comes as part of the ongoing privatization project in Saudi football, which saw a landmark move on April 16, when the Public Investment Fund and Kingdom Holding Company announced a binding purchase agreement under which Kingdom Holding Company will acquire 70% of the capital of Al Hilal Club.
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A statement from Kingdom Holding explained that the deal is based on a total club valuation of 1.4 billion riyals, while the ownership is 1.2 billion riyals, bringing the value of the acquired shares to 840 million riyals.
