RIYADH, Saudi Arabia – In a groundbreaking move for Saudi Arabian football, the American-led Harburg Group has completed a 100% acquisition of Al Kholood Club, marking the first time a foreign entity has fully purchased a Saudi Pro League team. This landmark deal is a significant step in the Kingdom’s ambitious Vision 2030 initiative, which aims to diversify the oil-dependent economy through various sectors, including sports.
The privatization effort, announced by Saudi Arabia’s sports ministry on Thursday, extends beyond Al Kholood. Al Ansar and Al Zulfi, two other Saudi sports clubs, have also been privatized through public offerings, with their ownership transferred to investment entities.
Ben Harburg, leading the Harburg Group, confirmed the acquisition, stating, “The Harburg Group has officially completed the 100 percent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatization initiative of Saudi Vision 2030.”Al Kholood, which finished ninth in the 18-team Saudi Pro League last season, now joins the Harburg Group’s growing sports portfolio, which also includes a 6.5 percent stake in Spanish second-division club Cadiz.Since late 2022, Saudi Arabia has dramatically reshaped its football landscape, attracting global superstars like Cristiano Ronaldo and Karim Benzema to the Saudi Pro League. The Kingdom’s aspirations in football are vast, with plans to host the 2034 FIFA World Cup already in motion.
.This strategic investment in football, while drawing comparisons to the Chinese Super League’s past, underscores the pivotal role sports play in Vision 2030. Crown Prince Mohammed bin Salman’s oversight highlights Saudi Arabia’s commitment to becoming a premier tourism and business destination as global oil demand evolves.