The world's richest football club owners have now taken over four Saudi Arabian teams, including Pitso Mosimane's Al Ahli and Cristiano Ronaldo's Al Nassr.
On Monday, the Saudi Arabian Public Investment Fund, who own Premier League outfit Newcastle United, announced that they had acquired majority stakes in four Saudi Pro League teams, including 2022/23 league winners Al Ittihad, runners-up Al Nassr, third-place finishers Al Hilal, and newly promoted Al Ahli after they clinched the Saudi Arabia Division 1 trophy.
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A statement on the PIF's official Twitter account read: "As part of today's announcement of the Sports Clubs Investment and Privatization Project, four Saudi clubs – Al Ittihad, Al Ahli, Al Nassr, and Al Hilal – have been transformed into companies, each of which is owned by PIF and non-profit foundations for each club.
"Existing members of each club will be included in the four foundations. PIF is working closely with the Ministry of Sport on all the necessary regulatory procedures to complete the clubs' transfers to their new structures as newly founded companies alongside non-profit foundations.
"PIF's ownership in the clubs' companies represent 75% in each club, while their respective non-profit foundations hold 25% ownership of each club.
"The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports."
As part of today's announcement of the Sports Clubs Investment and Privatization Project, four Saudi clubs – Al Ittihad, Al Ahli, Al Nassr, and Al Hilal – have been transformed into companies, each of which is owned by #PIF and non-profit foundations for each club. pic.twitter.com/TNZcbIniUE
— Public Investment Fund (@PIF_en) June 5, 2023
It is said that teams previously owned by the Saudi Ministry of Sport are being privatised as part of a government campaign to help the sport in the country develop, while FIFA is expected to comment on the situation soon.
The four teams are the only clubs who have won the Saudi Pro League in the past 10 seasons, with Al Hilal claiming five titles, Al Nassr winning three, and Al Ittihad and Mosimane's Al Ahli having one apiece.
The South African coach recently broke his silence about unpaid wages at his club, claiming that he had not received his salary since January.
The PIF takeover is likely to address that financial issue, although the former Mamelodi Sundowns boss may leave the role entirely, having stated recently that "anything is possible" regarding his future.
Al Ittihad and Al Hilal, meanwhile, are reportedly in pursuit of Karim Benzema and Lionel Messi, respectively, with the former said to already have an agreement in place to sign the Real Madrid legend.
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