Saudi Arabia’s sovereign wealth fund has been the part of the sports clubs Investment and Privatisation Project, which was unveiled on Monday by Crown Prince Mohammed bin Salman, the PIF or the Public Investment Fund will control of some of the top clubs in the Saudi Pro League. The PIF event stated 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.
PIF in this regard
In detail, the PIF stated on twitter that – As part of today’s announcement of the Sport Clubs Investment and Privatisation Project, four Saudi Pro League 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.”
Saudi Pro League drawing attention
Saudi Pro League has been drawing several attentions, and this case hasn’t been the first. Since Cristiano Ronaldo has came here, it has taken a different place in the world media, and reports state that several other place are going to step here soon. Frenchman Karim Benzema has left Real Madrid and reports state that he will join Al-Hilal, and rumours even say that, as Messi is done with PSG, there are high chances that he will join Al-Hilal and play in the Saudi Pro League.