The Saudi government has handed ownership of four top domestic football teams to its deep-pocketed sovereign wealth fund, putting increased financial firepower behind the country’s ambitious plans in the sport.
The Public Investment Fund said on Monday that Al Ittihad, Al Ahli, Al Hilal and Al Nassr — where Portuguese star Cristiano Ronaldo plays — had been converted into corporate entities, having previously been run by the state. The $600bn fund will own 75 per cent of each of the four clubs, with the remaining shares held by new non-profit foundations.
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