Ahead of spending spree, Saudi fund takes over four teams

In its pursuit of big names, Saudi Arabia will aim to overwhelm the competition financially

Four of the biggest clubs in Saudi Arabia have been taken over by the Public Investment Fund (PIF), the country’s sovereign wealth fund.

PIF, which also owns Newcastle United, will take a 75 percent stake in Al Ittihad, Al Hilal, Al Ahli and Al Nassr. The remaining 25 percent of those clubs will be held by non-profit foundations.

“Four Saudi clubs … have been transformed into companies, each of which is owned by PIF and non-profit foundations for each club,” a statement said.

“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”

Saudi Arabia has been aiming to turn its league into a destination for some of the world’s top talent. In order to sign some of the biggest stars, the PIF has undertaken the same strategy that its nascent LIV Golf tour has: offer more money than anybody else could dream.

Cristiano Ronaldo became the world’s highest-paid athlete after his move to Al Nassr, according to Forbes, with an annual compensation of an estimated $136 million.

Real Madrid legend Karim Benzema is set to join Al Ittihad and will be paid a reported $643 million over a three-year deal.

The crown jewel, of course, is Lionel Messi, who is already a paid spokesman for Saudi Arabia’s tourism bureau. The Argentine superstar has left PSG as a free agent, and has reportedly been offered somewhere between $375 to $642 million per year to join Al Hilal.

Messi’s father Jorge said on Monday that the 35-year-old “would love to return to Barcelona,” but it remains to be seen if the Blaugrana have the capability to even make an offer amid the club’s ongoing financial difficulties.

Inter Miami is also pushing to make Messi one of the biggest signings in MLS history. But Miami, like Barcelona and every other club, will be well aware that if a team in Saudi Arabia really wants a player now, they won’t be outspent.

[lawrence-related id=19149,18997,18868]