Kingdom’s PIF to address Al-Nassr’s deep financial crisis: report

DUBAI: The Kingdom’s Public Investment Fund is taking urgent measures to address the crippling financial crisis plaguing Al-Nassr, the reigning Saudi Pro League champions, according to a recent report by the Arabic-language daily Arriyadiyah.

The newspaper reported, citing sources, that Al-Nassr’s debt currently exceeds $213 million (SR800 million). The team’s captain is Cristiano Ronaldo.

According to a source close to the PIF, owners of the team, the measures will be threefold. The first involves curbing some of the executive management’s financial powers within the club’s company.

The second entails hiring independent financial and legal firms to increase commercial revenues and streamline expenses to enhance the club’s financial sustainability. The third path includes considering offers from potential buyers of the Riyadh-based club.

The source told Arriyadiyah that the executive management will be prohibited from signing any players or coaches without sufficient funds, which will be generated from sponsorships and the club’s own revenues.

The club’s executive management will be prevented from making any signings for the new season, unless it “secures liquidity from the club’s revenues,” the publication reported the source as saying.

Meanwhile, another source has claimed that the PIF is considering two serious offers to invest in the club, with a preference for partial acquisition rather than a complete buyout.

The same source explained that these decisions aim to preserve the club’s market value, prevent further debt accumulation, and reinforce adherence to established governance practices that protect the club from the repercussions of this deep crisis.