As part of the sports clubs Investment and Privatisation Project, which was unveiled on Monday by Crown Prince Mohammed bin Salman, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, will assume control of four of the most illustrious football teams in the Saudi Pro League. The PIF said on Monday that it had bought a ownership in Al Hilal, Al Nassr, Al Ittihad, and Al Ahli. PIF will pick board members for the four sides, create not-for-profit foundations for each side, and hold 75% of each club.
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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’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.”
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Since the entrance of renowned star Cristiano Ronaldo in January, football in Saudi Arabia has drawn a lot of attention. After his second tenure at Manchester United ended dramatically, the five-time Ballon d’Or winner left for Al Nassr. Despite making 16 league games and scoring 14 goals, Ronaldo was unable to lead Al Nassr to victory as they placed second behind Al Ittihad.
Karim Benzema reportedly decided to end his Real Madrid career this week and will now join Al Ittihad. After it was revealed that Argentina icon Lionel Messi may leave French powerhouse Paris Saint-Germain, there have also been rumours tying him to Al Hilal.
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