In a significant development under the Sports Clubs Investment and Privatization Project, four prominent Saudi clubs – Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal – have undergone a transformation into corporate entities.
All clubs are now owned by the formidable Public Investment Fund (PIF) of Saudi Arabia, along with non-profit foundations dedicated to supporting each club’s mission.
The expansion of Saudi football is skyrocketing. Cristiano Ronaldo’s blockbuster switch to Al-Nassr in January was just a start.
The PIF holds a position of prominence as one of the world’s leading sovereign wealth funds, boasting a staggering net worth of approximately $600 billion.
Its remarkable financial influence has been instrumental in reshaping the fortunes of Saudi Arabia. The PIF has successfully established and oversees 77 companies operating across diverse sectors.
Having recently made headlines with the acquisition of Premier League powerhouse Newcastle United, the PIF has set its sights on expanding its portfolio of football clubs.
Reports are now surfacing, linking the company with potential investments in various football clubs worldwide, but the PIF’s focus remains on the domestic front for now.
As part of the effort to consolidate the financial power of the four most prominent Saudi clubs, the company has used a proven business model to ensure future growth.
Such a move could undoubtedly have a profound impact on the local clubs and the league itself, bolstering Saudi Arabia’s bid to become the second Middle East country to host the World Cup.
It is worth noting that the Gulf nation is steadily emerging as a genuine contender for hosting the prestigious 2030 World Cup alongside Egypt and Greece.
In this regard, the PIF’s subsidiary entities are actively engaged in the development of stadiums, representing a significant step forward in solidifying Saudi Arabia’s bid for hosting the global sporting event.
This latest move will only encourage rumours linking Saudi clubs with some of Europe’s most impactful players, such as Lionel Messi and Karim Benzema.
While the Frenchman is on his way to joining Al-Ittihad, his transfer could trigger an avalanche of signings, with Saudi Arabia harbouring interest in seven other European stars.
