Saudi’s Public Investment Fund just set up the world’s second biggest MCO in plain view. Its influence is already being felt across Europe
IMAGO | Newcastle and Liv Golf chairman Yasir Bin Othman Al-Rumayyan.
Earlier this month Saudi’s Public Investment Fund (PIF) was handed control of four Saudi Pro League clubs. At the same time, almost unnoticed, four additional clubs were handed to companies owned by PIF.
PIF also own an 80 per cent stake in Newcastle and a stake of up to 5 per cent in Chelsea co-owners, Clearlake, giving it ownership stakes in ten clubs globally. Only City Football Group is bigger.
Why it matters: In April PIF-owned fund Sanabil, chaired by Newcastle and Liv Golf chairman Yasir Bin Othman Al-Rumayyan, emerged as a shareholder in CVC, which holds stakes in LaLiga and Ligue 1 media rights.
The perspective: Saudi clubs transfer binge will undoubtedly have an impact on the European summer transfer market, but it is only at certain points where the effect will be distortive.
21 June 2023 - 2:19 PM
In football’s summer of Saudi, where the oil rich Gulf kingdom seems destined to dominate the global back pages and transfer market, the press conference in Jeddah on 5 June offered what seemed like a dull footnote in comparison to what was to follow.
At it, the Saudi Minister of Sport, Prince Abdulaziz bin Turki Al-Faisal, announced that PIF would be investing in four of the country’s biggest clubs - Al-Hilal, Al-Nassr, Al-Ittihad and Al-Ahli,
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