23 Hrs
Source:
الاقتصادية
Company clubs required to hold 20% reserve
The Saudi Ministry of Sports has agreed to impose new conditions for establishing or converting sports clubs into companies. These conditions include that the company's capital must be at least 500,000 Riyals, with three legal models specified for the companies (joint-stock, simplified joint-stock, and limited liability). Additionally, the ministry requires prior approval from the Minister to initiate the procedures and the establishment of a financial reserve amounting to no less than 20% of the capital to cover obligations such as salaries. Companies are also mandated to separate their financial accounts related to sports activities from other commercial activities and to submit quarterly audited financial reports. Ownership rights by ministry personnel, club members, and related members at the Saudi Arbitration Center and the Anti-Doping Authority are prohibited. The regulations also include provisions for mergers, divisions, and bankruptcy, all aimed at promoting integrity and ensuring transparency in the Saudi sports sector.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)