The Saudi Arabia Public Investment Fund (PIF), who are the majority owners of Newcastle United, have taken ownership of the Saudi Pro League’s four leading clubs.
This includes Cristiano Ronaldo’s Al Nassr and Al Ittihad, who are close to agreeing a deal to sign Karim Benzema.
The PIF has taken a 75% stake in each of Al Ittihad, Al Hilal, Al Ahli and Al Nassr, as part of Saudi Arabia’s so-called “Sports Clubs Investment and Privatization Project”.
The remaining 25% in each team will be transferred to non-profit foundations from the Saudi Ministry of Sport.
All Saudi clubs were previously “owned but not controlled” by the Ministry of Sport.
There are no such restrictions in Saudi Arabia, which enables the PIF to become majority shareholders in the four teams.
In a statement, the PIF tweeted that it will liaise with the Saudi Ministry of Sport to “work closely on all the necessary regulatory procedures.”