Riyadh – Mubasher: Saudi Telecom Co (STC) has signed a memorandum of understanding (MoU) with the Saudi Arabian Football Federation (SAFF) and the General Sports Authority (GSA) to obtain the exclusive broadcast rights for local football tournaments.
The contract will be valid for 10 Gregorian years, on which getting the exclusive rights will be valued at SAR 660 million to be paid annually for 10 years, with a total value of about SAR 6.6 billion, STC said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The MoU includes the Custodian of the Two Holy Mosques Cup, Crown Prince Cup and Saudi Professional League addendum, the friendly and official Saudi team matches, which SAFF owns its rights, the company noted.
The MoU also covers the rights of the marketing sponsorship of the Saudi Professional League, as well as the sponsorship of the SAFF, the referees' committee in the Saudi Arabian professional league matches, the Saudi Arabian Federation matches, and the technical sponsorship for the events of the GSA.
Both parties agreed that the duration of the MoU shall be two months from the date of signature, upon which they shall discuss and agree on the detailed terms and conditions of the basic contract during this period.
This investment in sports is deemed as one of STC’s most important commercial investments in the near future, as it has been studied and scrutinized from all financial and commercial aspects, the company indicated.
STC’s stock closed Monday’s trading session down 0.16% to SAR 73.49.
