iLOT Bet expresses their excitement over Saudi Arabia taking World Football by storm, by eyeing big name signings ahead of next season. The country’s sovereign wealth fund (PIF) will actually take control of the four largest teams in the Saudi Pro League—Al Nassr, Al Hilal, Al Ittihad, and Al Ahli—all at once and ahead of the 2023/24 season.
Saudi Arabia’s Public Investment Fund has announced it will take ownership of the country’s four leading football clubs. PIF, which owns an 80 per cent stake in Premier League club Newcastle United, will take control of Saudi outfits Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal.
Cristiano Ronaldo joined Al-Nassr earlier this year, and Al-Ittihad have just won the Saudi Pro League title, signing Karim Benzema from Real Madrid, while Al-Ahli have just won promotion back to the top-flight. Monday’s announcement said sovereign wealth fund PIF will own 75 per cent of each club and establish non-profit foundations which will incorporate the club’s existing members.
PIF will choose five board members for each of the quartet with the general assembly of the non-profit foundations choosing the other two, plus the club president. The official PIF Twitter account said: ‘As part of today’s announcement of the Sport Clubs Investment and Privatisation 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.’
They added: ‘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 Arabia is now a football nation to be reckoned, especially with the arrival of big players into the Saudi Pro League being the talk of the universe. Why not bet on PIF football teams on iLOT Bet – Sport Betting Extraordinaire, and increase your chances of winning BIG when you
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