Saudi Arabia's sovereign wealth fund will take control of four of the kingdom's top soccer clubs including Al-Nassr, which Cristiano Ronaldo plays for, as the government revives a plan to privatise several state-owned sports clubs.
The Public Investment Fund will own 75% of al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal, the sports ministry said on Twitter on Monday following a report by state news agency SPA that Saudi Arabia will privatise several sports clubs from the fourth quarter.
The privatisation plan, mainly focused on soccer clubs and launched by Saudi Crown Prince Mohammed bin Salman, allows companies and development agencies to invest in and take over clubs, SPA reported earlier on Monday. Saudi oil giant Aramco will own Saudi First Division club Al-Qadsiah, Third Division side Alula FC will be owned by the Royal Commission for Al-Ula while First Division club al-Diraiyah FC will be controlled by Diriyah Gate Development Authority.
Meanwhile, the kingdom has poured money into raising its soccer standing. PIF led a consortium to buy Premier League side Newcastle United in October 2021.
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