PIF, which has an 80% ownership in Newcastle United of the Premier League, will take over Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal of Saudi Arabia.
While Lionel Messi is heavily rumored to come to Al-Hilal this summer, Cristiano Ronaldo joined Al-Nassr earlier this year.
While Al-Ahli recently achieved promotion back to the top division, Al-Ittihad recently won the Saudi Pro League championship and recently signed Karim Benzema from Real Madrid.
According to the declaration made on Monday, the sovereign wealth fund PIF will hold 75% of each club and create non-profit foundations that will include the club's current members.
'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,' the official PIF Twitter account stated.
'PIF's ownership in the clubs' companies represents 75% of each club, while their respective non-profit foundations hold 25% of each club,' they continued.
The transfer of the four clubs will open up a number of business prospects, including partnerships, investments, and sponsorships in different sports.
After a contentious split from Manchester United, Portuguese superstar Ronaldo, 38, signed for Al-Nassr in December and agreed to a two-year deal for approximately £175 million annually.
He scored 14 goals in 16 Pro League games, but he was unable to lead them to the championship as they finished five points behind Al-Ittihad.
Messi, an Argentine who won the World Cup, is supposedly set to sign with Al-Hilal this week after receiving a record £345 million offer per season.
Messi has completed his farewell game for Paris Saint-Germain in France. Since last year, he has been employed as a travel ambassador for Saudi Arabia, receiving £25 million year.
Benzema, 35, departed Real Madrid after 14 years after signing a two-year contract worth approximately £345 million with the Jeddah-based club Al-Ittihad.
Nuno Espirito Santo, a former manager of Wolves and Tottenham, is in charge of Al-Ittihad.
The consortium that acquired Newcastle for £305 million in October 2021 was headed by the Saudi PIF.
After getting "legally binding assurances" that the Saudi government would not have control over the team, the Premier League authorized the takeover.
Despite the fact that Mohammed bin Salman, the Saudi Crown Prince, was identified as the PIF's chair, this occurred.
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