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Saudi hires Jadwa Investment to advise on selling soccer clubs – sources

Late last year, the government approved plans to turn state-owned sports clubs into private companies

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Saudi Arabia’s Jadwa Investment, one of the country’s largest privately owned investment bank, has been appointed to advise on the privatization of as many as five soccer clubs in the Saudi Professional League, sources told Reuters on Wednesday.

A request for proposals was sent to bankers last month, one of the sources said, declining to be named because the matter is not yet public.

A spokesperson for the government’s General Authority of Sports was not immediately available to comment.

Late last year, the government approved plans to turn state-owned sports clubs into private companies.