Government approved plans to turn state-owned sports clubs into private companies last year
Saudi Arabia's Jadwa Investment, one of the country's largest privately owned investment banks, has been appointed to advise on the privatisation of as many as five soccer clubs in the Saudi Professional League, sources told Reuters on Wednesday.
Banks had been asked to apply for the role last month, one of the sources said, declining to be named because the matter is not yet public. Spokespeople for Jadwa and the government's General Authority of Sports were not immediately available to comment.
Last November, the government approved plans to turn state-owned sports clubs into private companies, part of sweeping economic reforms that seek to reduce the kingdom's reliance on oil exports, ease financial burdens on the government and...Read more...