(BSS/AFP) - A foreign company sealed the purchase of a Saudi football club -- a first in the kingdom -- the country`s sports ministry said Thursday, as it announced the privatisation of three teams in the Saudi Pro League.

The Harburg Group -- led by American Ben Harburg -- said it had "officially completed the 100 percent acquisition of Al Kholood Club, of the Saudi Pro League, as part of the groundbreaking privatisation initiative of Saudi Vision 2030."

Last season, Al Kholood finished ninth out of the 18 teams in the Saudi Pro League.

The Harburg Group currently owns a 6.5 percent stake in Cadiz, a club in Spain`s second division.

In a separate statement, the ministry said: "The first three Saudi sports clubs have been privatised through a public offering - Al Ansar, Al Kholood, and Al Zulfi - with their ownership transferred to investment entities."

Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Cristiano Ronaldo`s move in late 2022, and the desert nation will host the World Cup in 2034.

For the past two years, Saudi football fans could watch the likes of Ronaldo and Karim Benzema on any given weekend during the Saudi Pro League season in the kingdom.

The oil-fuelled Saudi football project has drawn comparisons with the Chinese Super League, which imported players on exorbitant salaries until team owners went bust as the Chinese economy fizzled.

But with Saudi Arabia set to host the World Cup, and desperate to re-model itself as a tourism and business magnet before global oil demand falls for good, there is probably more to come from the Pro League.

Sports are a major component of the Vision 2030 reform agenda overseen by de facto ruler Crown Prince Mohammed bin Salman, which aims to diversify the economy of the world`s top crude oil exporter.