Saudi Arabia's sovereign wealth fund will take control of four of the kingdom's top soccer clubs — including Al Nassr, which Cristiano Ronaldo plays for — as the government revives a plan to privatize several state-owned sports clubs.
The Public Investment Fund (PIF) will own 75% of Al Ittihad, Al Ahli, Al Nassr, and Al Hilal, the sports ministry said on Twitter on Monday following a report by state news agency SPA that Saudi Arabia will privatize several sports clubs from the fourth quarter.
All are in the top-flight Saudi Professional League, except for Al Ahli, which is in the second-tier Saudi First Division. PIF has previously taken over several companies before privatizing them, though often partially.