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.
