Arab News, Tuesday, Jul 16, 2024 | Muharram 10, 1445
Diriyah Club ownership transferred to PIF-backed firm, boosting Saudi sports sector
Saudi Arabia:
RIYADH: Saudi Arabia’s sports sector is
set for a major boost as ownership of Diriyah Sports Club transfers from the
Ministry of Sport to Diriyah Co., a firm owned by the Public Investment Fund.
Crown Prince Mohammed bin Salman, serving as chairman of the PIF company’s board
of directors, has also approved the formation of Diriyah Sports Club’s board,
chaired by Prince Khalid bin Saud. Board members include Jerry Inzerillo,
Mohammed Al-Khreiji, Ayman Al-Fallaj, and Hamad Al-Bati, according to a
statement.
The moves align with strategic goals to develop and enhance Diriyah as a premier
cultural, tourist, entertainment, and sports destination. The initiative also
aims to empower the private sector to play a more significant role in the sports
field, in line with Saudi Vision 2030 goals.
Jerry Inzerill, group CEO of Diriyah Gate Development Authority, said: “The
decision by the Ministry of Sport to transfer ownership of the Diriyah Sports
Club to Diriyah Gate Development Authority will enable the organization to
invest in their development, both from a facilities and a talent perspective.”
He added: “We will be looking at developing a ground-up approach, from enhanced
infrastructure to world-class athletic and athlete services, bolstering and
growing the player base to enable them to compete at levels that were previously
unachievable.”
Inzerillo further emphasized that this initiative will expand their audience and
fan base, encouraging youth and casual players to aspire to higher levels of
competition. These efforts align with Vision 2030's goals of promoting wellness,
well-being, and inclusive sports participation across all age groups and skill
levels.
Moreover, this initiative is part of the Sports Clubs Investment and
Privatization Project, announced by the Crown Prince in June 2023. The project,
rolled out in collaboration with the National Privatization Center, aims to
accelerate the development of Saudi Arabia’s sports industry by encouraging
business sector involvement with clubs.
Shortly after the project announcement at that time, PIF stated its intention to
acquire ownership of Saudi Arabia's four leading football clubs: Al-Ittihad, Al-Ahli,
Al-Nassr, and Al-Hilal.
Founded in 1976, Diriyah Club is gearing up to compete in the Saudi Second
Division League for the upcoming 2024/2025 sports season, having been assigned
to Group 2 by the Saudi Arabian Football Federation.