STC extends MoU on Saudi soccer broadcast deal to July

Saudi Telecom Co. (STC) has extended the memorandum of understanding (MoU) signed with the General Sports Authority (GSA) and Saudi Football Federation for the second time.

The MoU, which was extended by one month in April, has been extended by another two months until July, the telco said in a statement to Tadawul on Sunday.

"The discussion is still ongoing to complete the drafting and review of the agreements. Therefore, the duration of the memorandum of understanding has been extended for an additional period till July 1," it added.

The MoU can be extended further until a final agreement is reached, the telco said.

The SAR 6.6 billion ($1.8 billion), 10-year deal, initially signed in February this year, will give STC the exclusive rights to air all local football matches, Custodian of the Two Holy Mosques Cup, Crown Prince’s Cup, Saudi Professional League tournaments, and all the matches of the Saudi national team that fall under the jurisdiction of the Saudi Football Federation.