Saudi Arabia looks to score with football club privatization

Saudi Arabia has taken a step toward its goal to privatize the teams in its top football division, a move which has been tipped to revitalize the sport.
The Council of Economic and Development Affairs (CEDA) on Monday discussed the plan, which has long been on the table.
The proposed privatization would involve clubs in the Saudi Professional League, most of which are currently government-owned.
The council recommended the move, pledged to form a supervisory committee to oversee the privatization of the clubs, and referred the matter to the Cabinet for consideration and approval, SPA reported.
Such a move has been a long time in the making, with consultancy Deloitte having previously been commissioned to conduct a feasibility study into the matter.
If the plan comes to fruition it has the potential to give the country’s top football league a boost, with more money available to invest in building new stadiums and increased coordination in negotiating broadcast rights, according to press reports.
The CEDA meeting was chaired by Deputy Crown Prince Mohammed bin Salman, second deputy premier, minister of defense and chairman of the council.
CEDA also directed the General Administration of Sport and other stakeholders to create a fund for sports development within three months. 
The fund will provide loans and facilities for sports clubs, as well as establishing and funding incubators for sport amateurs, in a move expected to create more than 40,000 jobs.

Source: Arab News