Manchester United (NYSE: $MANU) Agrees Memorandum of Understanding for #Football Development in Saudi Arabia
Strategic partnership will see the club help Saudi Arabia's General Sports Authority to create a sustainable and thriving football sector
MANCHESTER, England - October 19, 2017 (Investorideas.com Newswire) Manchester United (NYSE: $MANU) and the General Sports Authority of Saudi Arabia have today agreed a Memorandum of Understanding, which will see the 20-time English League champions help the GSA develop its football industry, as part of its 2030 Vision.
The new strategic partnership will involve United lending its business and sporting expertise to clubs, sporting authorities and individuals in Saudi Arabia.
The partnership forms part of Saudi Vision 2030; the plan to diversify the Saudi economy and to develop its public sectors, announced last year by Crown Prince Mohammad bin Salman.
Group managing Director, Richard Arnold, said:
"The club has a long standing relationship with Saudi Arabia and has over 5 million passionate fans in the region. Our partnership with Saudi Telecom is the longest running of all our commercial partners. Having the chance to help shape the football industry in the Kingdom is a great honour and it is something where we believe we can make a big difference.
"I hope that this strategic alliance will benefit generations of Saudi footballers, supporters and young professionals looking to work in football well beyond Saudi Vision 2030."
Turki Al-Shikh Chairman of the GSA said:
"This relationship is part of an exciting programme we are undertaking to transform sport in Saudi Arabia.
"Manchester United has a phenomenal reputation for delivery in these areas. We believe their knowledge and experience will be invaluable in making this project successful."
About Manchester United
Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 139-year heritage we have won 66 trophies, enabling us to develop the world's leading sports brand and a global community of 659 million followers. Our large, passionate community provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, new media & mobile, broadcasting and match day.
About the General Sports Authority of Saudi Arabia
The General Sport Authority (GSA) is a government body that is responsible for the development of sports activities in the Kingdom of Saudi Arabia. It was established in 1974 and its major tasks are to organise and develop the sports sector and to encourage and increase the base of sport participation in the kingdom.
Manchester United Ltd
Philip Townsend, +44 (0) 161 868 8148
Sports Stocks - esports, sports media, sports teams, sports betting, fantasy sports, sports equipment and more...
Like Sports Stocks? View our Sports Stocks Directory
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.