Saudi Official Turki Alalshikh Withdraws Investment from Derby County
The government of Saudi Arabia has seen a significant development as official Turki Alalshikh has decided to withdraw his proposed investment in Derby County. The deal, facilitated through Alalshikh’s company Lion Sport, had received approval from both the English Football League and the Independent Football Regulator, paving the way for what seemed like a promising agreement.
However, Derby County officials were informed on Monday that Alalshikh would no longer pursue the acquisition of a stake in the club. In a statement, the club affirmed, “For the benefit of any doubt, the club is now off the market,” emphasizing its ongoing operations supported by Clowes Developments.
The proposed investment had been under discussion with English football’s independent regulator since May and had sparked concerns among various human rights organizations. Amnesty International highlighted this potential deal as a “defining test” for the regulator regarding investments from individuals tied to human rights issues.
Alalshikh, who serves as the chairman of Saudi Arabia’s General Entertainment Authority and maintains close ties with Crown Prince Mohammed bin Salman, has faced criticism for his involvement in activities perceived as ‘sportswashing.’ Human rights advocates have accused Saudi Arabia of using sports as a strategy to enhance its global reputation while deflecting attention from its human rights violations, treatment of women, and anti-LGBT policies.
In addition to his previous ownership of the Egyptian club Pyramids from 2018 to 2019, Alalshikh also recently sold the Spanish club Almeria to a Saudi investment group in May.
Saudi Arabia government official Turki Alalshikh has abandoned his proposed investment into Derby County.
The deal with Alalshikh’s Lion Sport looked set to go ahead, having been sanctioned by the English Football League and the Independent Football Regulator.
Advertisement
But Derby were told on Monday that Alalshikh no longer wanted to continue with the purchase of his stake.
“For the benefit of any doubt, the club is now off the market,” a club statement said.
“It will continue to operate under the loyal, committed and unwavering support of Clowes Developments.”
A deal that would have seen Alalshikh, the co-founder of boxing promotion company Zuffa, take a stake in the Championship club had been on the table with English football’s independent regulator since May.
The proposed deal had raised concerns among human rights campaigners, including Amnesty International, which last month said the independent regulator faced a “defining test” over the investment.
Advertisement
Alalshikh, the chairman of Saudi Arabia’s General Entertainment Authority – and someone who is close to the Kingdom’s de facto ruler Mohammed bin Salman – has been criticised by human rights groups for his role in alleged ‘sportswashing’.
Saudi Arabia has been accused of using sports to improve its image in the wider world to distract from its human rights record, treatment of women, use of the death penalty and its anti-LGBT stance.
As well as being the owner of Egyptian club Pyramids between 2018 and 2019, Alalshikh recently owned Spanish side Almeria but sold the club to an investment group from Saudi Arabia last May.
[/gpt3]