THE Saudi sovereign wealth fund which owns Newcastle has taken majority stakes in four of the Middle Eastern country’s biggest clubs, including Cristiano Ronaldo’s team Al Nassr.

The Public Investment Fund (PIF) is taking 75 per cent stakes in Al Nassr, Asian Champions League finalists Al Hilal, Al Ahli and Al Ittihad, who are understood to be interested in signing Karim Benzema after his intention to leave Real Madrid at the end of the season was confirmed.

The PIF also own an 80 per cent stake in Newcastle following the completion of a protracted and controversial takeover in October 2021.

The move to take controlling stakes in the four Saudi clubs does not constitute the creation of a multi-club ownership model involving Newcastle. Each club will be managed by an independent board and have separate executive management.

Clubs in the Saudi top-flight, who have technically been owned by the country’s Ministry of Sport until now, are being privatised as part of a government initiative to help the sport further develop.

A statement on the PIF Twitter account read: “As part of today’s announcement of the Sports Clubs Investment and Privatization 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.”