Newcastle's owners have taken a majority stake in four Saudi clubs - including Cristiano Ronaldo's team Al Nassr.
The Public Investment Fund (PIF) is taking 75 per cent stakes in Al Nassr, Asian Champions League finalists Al Hilal, Al Ahli and Al Ittihad who are trying to sign Karim Benzema.
Benzema is leaving Real Madrid and is set to sign a deal worth in excess of £1m-a-week while Lionel Messi is the next target for the Saudis who are trying to set up the richest league in the world.
Newcastle ’s owners are insisting that the investment does not constitute a multi-ownership model involving Newcastle despite the tie-up with Ronaldo’s club.
But it will be seen as a new football powerhouse in the Middle East which has suddenly become hugely attractive to the biggest names.
Ronaldo sent shock waves through football after leaving Manchester United to move to the Middle East as it was reported to be earning a staggering £173m-a-year in Saudi Arabia from both his playing contract and also commercial tie-ups.
Saudi clubs had been run by the country’s Ministry of Sport but are now being privatised and the PIF have been given the green light to invest.
The PIF insist each club will be managed by an independent board and have separate executive management.
Mirror Sport approached FIFA for comment while the Premier League do not have rules on multi-ownership.
European football’s governing body UEFA are now more open to more multi-ownership agreements as long as they do not play in the same competition.
Newcastle’s ownership caused huge controversy when the Premier League finally gave the go-ahead two years ago.
The Premier League approved the PIF-led takeover of the club only after receiving "legally-binding assurances" that the Saudi state would not have control of the club.
