An American investment group has become the first foreign entity to own a Saudi football club, marking a significant step in the kingdom’s sports privatization initiative. Harburg, a holding company focused on sports, media, and technology, officially finalized its 100% acquisition of Al Kholood, a Saudi Pro League club.
The deal was announced Thursday by the Ministry of Sports as part of the privatization of three championship clubs. Harburg, led by American Ben Harburg, already holds a 6.5% stake in Spain’s CADIX CF. This move positions them as pioneers in foreign ownership of Saudi sports clubs.
American Firm Acquires Saudi Football Club Amid Privatization Wave
US group Harburg becomes first foreign owner of Saudi club Al Kholood.
- Harburg, an American investment holding company, has acquired Al Kholood.
- This marks the first instance of foreign ownership in Saudi football privatization.
- Al Kholood finished ninth in the last Saudi championship.
- The club is based in Ar Rass, 400 km west of Riyadh.
- Saudi Arabia is investing heavily in sports as part of its Vision 2030 plan.
The Saudi Ministry of Sports confirmed the privatization of three clubs through public offers: Al Ansar, Al Kholood, and Al Zulfi. Ownership of these clubs has been transferred to investment entities, with Al Kholood and the other two being acquired by Saudi companies.
Al Kholood’s Position in Saudi League
Al Kholood secured a ninth-place finish out of 18 teams in the most recent Saudi championship season. The club is situated in the city of Ar Rass, located approximately 400 kilometers west of Riyadh.
Saudi Arabia’s Sports Ambitions
This privatization initiative aligns with Saudi Arabia’s broader strategy to bolster its sports sector, a key pillar of its “Vision 2030” plan. The kingdom, set to host the 2034 World Cup, has significantly increased spending to attract international stars, including Cristiano Ronaldo and Karim Benzema, to the Saudi Pro League. This economic diversification aims to reduce reliance on oil revenues.
