Three conglomerates compete for control of Al-Nassr

Published: 2026-06-10T07:59:58.000Z

Saudi Arabia's plan to privatize its biggest football clubs has reached its most intriguing stage, and Al-Nassr sits at the center. The club Ronaldo made globally famous is now the target of three major conglomerates reportedly vying for a 70 percent controlling stake.

Saudi Arabia's plan to hand its biggest football clubs to private owners has reached its most intriguing stage yet, and Al-Nassr sits right at the center of it. The club, made globally famous by Cristiano Ronaldo, is now the target of a contest in which three major conglomerates are reportedly vying for a 70 percent controlling stake. What was once a state asset parked inside the sovereign wealth fund is turning into a genuine prize, and the bidding says a lot about how valuable Saudi football has become in just a few years. To understand the moment, it helps to recall how the clubs got here. Back in 2023, the Public Investment Fund took a 75 percent stake in four of the kingdom's top clubs, Al-Nassr, Al-Hilal, Al-Ittihad and Al-Ahli, as part of a sports privatization drive tied to Vision 2030. That move opened the floodgates for marquee signings like Ronaldo, Karim Benzema and Neymar. The current phase is the second act, where the fund steps back and sells controlling stakes to private investors. The template was set earlier this year when PIF agreed to transfer a 70 percent stake in Al-Hilal to Kingdom Holding, the investment company chaired by Prince Alwaleed bin Talal, while keeping a small residual interest. Al-Nassr is widely regarded as carrying the highest commercial value of the bunch, largely because of the global spotlight Ronaldo brought with him, which helps explain why multiple heavyweight suitors are circling. Earlier reporting had linked the club to an entity connected to Riyadh Air, the kingdom's new airline, as a likely acquirer, so a competitive field of three conglomerates marks an escalation from a quiet handover into something closer to an auction. Whoever wins gains not just a football team but a powerful marketing platform with worldwide reach. The Ronaldo angle is what makes this more than a routine corporate sale. The Portuguese star, who extended his contract through 2027, is reported to have taken a personal ownership stake in Al-Nassr, with figures cited as high as 15 to 20 percent, though the exact number remains a matter of conflicting reports. That positions him as something rare in his career, an athlete who is also an owner, with a direct financial interest in the very club he leads on the pitch. Any new majority owner will have to work alongside him, which adds an unusual layer to the negotiations. The bigger picture is unmistakably regional. Saudi Arabia has poured staggering sums into sport as a pillar of its economic diversification, and the privatization of its clubs is the next logical step toward making them self sustaining commercial enterprises rather than state funded trophies. As the kingdom prepares to host the 2034 World Cup, control of a club like Al-Nassr is becoming a strategic asset across the Gulf's fast growing sports economy.