Saudi Telecom to broadcast football games in USD1.8bn deal

Saudi Telecom to broadcast football games in USD1.8bn deal

The exclusive broadcast rights to Saudi Arabia's Professional Football League matches, which MBC Group had secured as part of a ten-year, Dollars 1.09 billion deal in 2014, have now been given to state-owned Saudi Telecom Group (STC) for a reported $1.8 billion by KSA's General Sports Authority. That agreement was worth 4.1 billion riyals, according to Saudi broadcaster Al Arabiya.

The deal follows the detainment of Waleed al-Ibrahim who was assigned in MBC for its management control amid a crackdown in corruption in the world of business.

MBC was not immediately available for comment. It appears that the deal with MBC, therefore, has been rendered void.

Under the terms of the MoU, STC will have the exclusive right to carry out transmission of all local football matches, Saudi Professional League tournaments, King's Cup, Crown Prince's Cup, and all the matches of the Saudi national team that are in the jurisdiction of the Saudi Football Federation. They were looking to develop the football sector in Saudi. Saudi Telecom, 84 percent owned by the government through the Public Investment Fund and other institutions, is seeking more investments in new technology to diversify from traditional sources of revenue, Chief Executive Officer Khaled Biyari said past year.

"As is the case with all our investments, an investment deal with this size was definitely backed by detailed study of the expected returns", he said.

Saudi Arabia has been mulling plans to privatize soccer clubs as part of efforts to overhaul the economy and raise non-oil revenue.



Latest news

How Arsenal Transfer News Affect Their Odds to Win?
Other players rumored to be destined for Arsenal include; Sokratis Papastathopoulos, from Borussia Dortmund, and Saul Niguez. If they are rumored to buy an elite player, during the transfer window, they play well which increases the odds of winning.

Olympics: More Russians appeal Pyeongchang exclusion to CAS
The International Olympic Committee said on Monday it was going to stand its ground on its decision on the athletes. Russian Prime Minister, Dmitry Medvedev, said the International Olympic Committee decision was shameful.

Case Filed on Anchor Anasuya for breaking School Kids Mobile
While responding to this incident, it looks like the anchor has shown much more head-weight in her own Jabardasth style. Reacting on the news, Anasuya tweeted, "Not that the country needs such news. those whom I am answerable".

Courtois accuses Deulofeu of 'clear dive'
Deeney scored one of four Watford goals as pressure mounted on Chelsea manager Antonio Conte following the 4-1 thrashing. Watford winger Gerard Deulofeu has claimed that the team deserved their victory over Chelsea .

Bitcoin slides below $6000
Ethereum , which market pundits ranked above the bitcoin , dipped below the support level of $700 today - its price plummeted 16%. Governments across the world are making attempts to regulate Bitcoin , and some are taking harsher views than others.

Other news