Saudi Arabia’s Public Investment Fund has announced that it will take control of four leading clubs in the Saudi Professional League.
The PIF currently holds an 80 per cent stake in Premier League side Newcastle United and has now added more clubs to its portfolio.
On Monday afternoon, the PIF announced that it will take control of Al Ittihad, Al Ahli, Al Nassr and Al Hilal.
A statement read: “As part of today’s announcement of the Sports Clubs Investment and Privatization 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.”
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It has been reported that the PIF will hold a 75 per cent stake in each of the mentioned clubs.
Furthermore, PIF will choose five members of the board for each club, with the general assembly of the non-profit foundations choosing the other two board members plus the club president.
The PIF added: “PIF's ownership in the clubs' companies represent 75 per cent in each club, while their respective non-profit foundations hold 25 per cent ownership of each club.
“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”
Football in Saudi Arabia has attracted a lot of interest ever since the arrival of legendary player Cristiano Ronaldo in January.
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The five-time Ballon d’Or winner left Manchester United for Al Nassr after his second stint at Old Trafford ended in dramatic fashion.
Despite scoring 14 goals in 16 league appearances, Ronaldo was unable to guide Al Nassr to glory as they finished second between Al Ittihad.
This week, it has been reported that Karim Benzema will sign for Al Ittihad after he called time on his Real Madrid career.
In addition, there have been reports linking Argentina legend Lionel Messi to Al Hilal after it was confirmed that he will leave French giants Paris Saint Germain.
Featured Image Credit: Alamy/FootyRendersTopics: Saudi Arabia, Saudi Pro League, Al Nassr, Football, Newcastle United
