Newcastle United's Saudi Arabian owners have taken a majority stake in four of the country's biggest teams, including Cristiano Ronaldo's Al-Nassr.
The Public Investment Fund (PIF), which owns 80 per cent of Newcastle following a lengthy takeover process, is taking 75 per cent stakes in Al-Nassr, Al Hilal, Al-Ahli and Al-Ittihad, with the latter understood to be interested in signing Karim Benzema after his intention to leave Real Madrid at the end of the season was confirmed.
A statement on the PIF Twitter account 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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PIF said existing members of each club would be included in the four foundations and that the fund was working closely with the Ministry of Sport on the necessary regulatory procedures to complete the clubs’ transfers to their new structures as newly-founded companies alongside non-profit foundations.
“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports,” the PIF statement concluded.
Clubs in the Saudi top flight, who have technically been owned by the country’s Ministry of Sport until now, are being privatised as part of a government initiative to help the sport further develop. FIFA has been approached for comment on the issue.
Ronaldo joined Al-Nassr following the World Cup in Qatar but has ended the season without a trophy. He did end the campaign with 14 goals in 19 games but had to settle for second spot in the Saudi Pro League.
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