Saudi Arabia’s Public Investment Fund (PIF) will take over four of the leading football clubs in the country.
The news followed an announcement earlier in the day from Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, and Prime Minister, about the launch of an investment and privatization project in the Kingdom.
The project aligns with the ambitious objectives of Saudi sports within Vision 2030, emphasizing the development of an efficient sports sector by encouraging and enabling the private sector to contribute to the industry’s growth.
PIF will own 75 percent of each club and will establish not-for-profit foundations for each side and will select board members for the four sides.
Read more: Is Messi signing a contract to play soccer in Saudi imminent?
In a statement on Twitter, PIF said: “As part of today’s announcement of the Sport Clubs Investment and Privatisation 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.
PIF owns 80 percent of English Premier League side Newcastle United.
The new ownership structure places the Saudi sovereign wealth fund atop an impressive roster of players, not the least Al Nassr’s Cristiano Ronaldo.
Saudi clubs have been heavily linked with a series of transfer activities. Karim Benzema, formerly of Real Madrid, has been rumoured to be on the verge of signing for Saudi Pro League champions Real Madrid.
Al Hilal, on the other hand, have been repeatedly linked with a move for World champion Argentina Champion Lionel Messi.
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