Diriyah Club ownership transferred to PIF-backed firm, boosting Saudi sports sector

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.