The boards of directors of the four club companies owned by the Saudi Public Investment Fund held their first meeting.
During the session, which took place the day before yesterday, the formation of technical committees was approved, which will serve as a council for the birth of technical decisions in clubs.
The four committees included club presidents and four other members.
The Executive Committee will be responsible for discussing the decisions and suggestions submitted by the Board of Directors before converting them into decisions that will be implemented by the CEOs.
According to Al-Riyadiah’s sources, non-Saudi CEOs will be appointed, who have good experience in international leagues and clubs, and some professional resumes have already been submitted for discussion in the next four meetings. The current executives will continue to perform their work during the current period.
According to the same sources, the Executive Committee was formed in Al-Ahly Club, headed by Muhannad Al-Bleihd, with the membership of Khaled Al-Issa, Ayman Al-Rashed, and Abdulaziz Al-Anqari, along with a member from outside the administration, Bakr Al-Muhanna.
And Prince Abdulaziz bin Turki, Minister of Sports, announced during a press conference, held last June 5, that the Public Investment Fund would invest in four Saudi clubs by converting them into companies owned by the fund, and a non-profit institution for each club, which are Al-Ittihad, Al-Ahly, Al-Nasr, and Al-Hilal. .
He also revealed the establishment of an investment fund for each of the eight club companies whose ownership was transferred, and depositing the value of the club in the investment fund, in exchange for transferring ownership to it, with the aim of achieving sustainable returns for the benefit of the club company. He pointed out that the ownership of Al-Ittihad, Al-Ahly, Al-Nasr, and Al-Hilal club companies will be distributed according to specific percentages, as the Public Investment Fund will have 75 percent of the ownership of each company, while the remaining “25 percent” will be owned by each non-profit organization. These institutions will include the current members of the General Assembly, and the new members.
2023-07-10 20:50:27
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