Part of an investment project
Al-Nassr with its star Cristiano Ronaldo, along with three other Saudi clubs, is now majority owned by a sovereign wealth fund of the very rich Gulf state. The Kingdom’s Public Investment Fund (PIF) now holds 75 percent of the shares, Saudi Sports Minister Abdulasis bin Turki al-Faisal said on Monday.
The clubs were therefore converted into companies. The move is part of an investment project for sports clubs in the country that will also make them more attractive to international stars. Several clubs are currently trying to lure world footballers with sums in the millions. Earlier this year, Ronaldo signed with Al-Nassr.
Ronaldo on top: Saudi Pro League Most Valuable Players
Karim Benzema could also join Al-Ittihad after leaving Real Madrid in Saudi Arabia. According to media reports, world champion Lionel Messi, who is leaving Paris Saint-Germain, has also received a very lucrative offer from Saudi club Al-Hilal. Al-Ittihad and Al-Hilal are also affected by the changes.
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Saudi Arabia’s crown prince and de facto ruler also launched the sports club investment project to increase the revenue and market value of the Saudi Pro League, the state agency SPA reported. The income, which was the equivalent of 112 million euros last year, should therefore grow to almost 450 million euros, the market value in the same period from almost 750 million to almost 2 billion euros. Two years ago, the sovereign wealth fund PIF took over the Premier League club Newcastle United.
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