Newcastle United owners take majority stake in Cristiano Ronaldo's Al-Nassr

manchestereveningnews.co.uk:

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.” ALSO READ: Former Manchester United star Cristiano Ronaldo announces decision on Al Nassr future 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.