Cristiano Ronaldo as Al-Nassr player
EKO HOT BLOG reports that in a groundbreaking move, the Saudi Arabia Public Investment Fund (PIF), which holds the majority ownership of Newcastle United, has successfully obtained ownership of the Saudi Pro League’s four leading clubs, including Cristiano Ronaldo’s Al Nassr.
The PIF’s acquisition also includes Al Ittihad, a club that is currently in advanced talks to secure the signing of Karim Benzema.
This strategic development comes as part of Saudi Arabia’s visionary “Sports Clubs Investment and Privatization Project,” which aims to revitalize the country’s sporting landscape. Under this project, the PIF has acquired a substantial 75% stake in each of the prominent clubs – Al Ittihad, Al Hilal, Al Ahli, and Al Nassr.
The remaining 25% ownership in each team will be transferred to non-profit foundations operated by the Saudi Ministry of Sport.
Previously, all Saudi clubs were “owned but not controlled” by the Ministry of Sport, but the absence of restrictions within the country’s regulations has enabled the PIF to assume the majority shareholder position in these four esteemed teams.
In an official statement released on social media, the PIF emphasized its intention to collaborate closely with the Saudi Ministry of Sport to navigate through the necessary regulatory procedures. This collaboration will ensure a smooth transition of ownership and pave the way for the PIF to actively shape the future of these clubs.
Newcastle United
The acquisition of Al Nassr, in particular, has drawn significant attention due to its association with global football icon Cristiano Ronaldo. Al Nassr’s ownership change under the PIF is expected to bring forth new opportunities and enhancements to the club’s infrastructure, talent acquisition, and overall growth.
Moreover, Al Ittihad, another prestigious club, is reportedly on the verge of securing a major coup with the signing of Karim Benzema. This potential transfer, facilitated by the PIF’s involvement, would undoubtedly elevate Al Ittihad’s status and strengthen its position in domestic and international competitions.
As the PIF continues to take major strides in shaping the future of Saudi Arabian football, fans and enthusiasts eagerly await further updates on the transformative initiatives and ambitious plans set forth by the new majority owners.
This development marks an exciting chapter for Saudi Arabian football, as the PIF’s involvement promises to bring substantial investment, global partnerships, and enhanced competitiveness to the forefront of the nation’s sporting landscape.
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