AC Milan owner RedBird Capital Partners is reportedly in talks with Saudi Arabia’s Public Investment Fund (PIF) to acquire a controlling stake in Al Nassr, Cristiano Ronaldo’s club. According to Semafor, a RedBird-led consortium has held at least two meetings with PIF over a proposed purchase of a 70% stake valued at around SAR1 billion ($267 million).
The discussions remain at an early stage, and there is no guarantee that a deal will be completed. The proposed ownership structure could also give Ronaldo a significant stake in the club. The Portuguese forward could receive as much as 20%, while Riyadh-based Saudi Media Company has also been identified as a potential investor. The final shareholding structure and the source of funding for Ronaldo’s potential stake have yet to be determined.
PIF seeks to address debt ahead of a potential sale
PIF is reportedly working to strengthen Al Nassr’s balance sheet before any transaction. According to the report, the fund is seeking to address around SAR800 million ($213 million) in club debt through new sponsorship agreements involving companies in its wider portfolio.
Ronaldo’s arrival in Saudi Arabia in 2023 helped accelerate the Saudi Pro League’s recruitment of high-profile players and its broader spending push. However, tighter spending conditions at Al Nassr have increased the importance of generating commercial revenue to support further transfer activity, rather than relying solely on shareholder funding.
On a simple proportional basis, the reported price for a 70% stake would imply an equity valuation of approximately SAR1.43 billion ($381 million). That calculation does not account for how the club’s existing debt would be treated as part of a transaction.
Al Hilal sale provides a precedent
PIF sold a 70% stake in Al Hilal to Prince Alwaleed bin Talal’s Kingdom Holding Company in September for SAR840 million, valuing the club’s equity at SAR1.2 billion. The reported Al Nassr discussions suggest a similar privatisation model could be applied to another of Saudi Arabia’s leading clubs.
Al Nassr, Al Hilal, Al Ittihad and Al Ahli came under PIF control in 2023 as part of the Kingdom’s drive to transform domestic football. After an initial phase of heavy investment aimed at raising the league’s profile and competitiveness, the strategy is shifting towards private capital and more commercially sustainable ownership structures.
Potential expansion of RedBird’s football portfolio
An Al Nassr acquisition would give RedBird a foothold in Saudi Arabian football. The investment firm already owns AC Milan and Toulouse and holds a minority stake in Fenway Sports Group, the owner of Liverpool.
Ronaldo’s potential involvement would also provide a major commercial asset for any new ownership group. According to the report, prospective investors are particularly interested in expanding Al Nassr’s profile in the United States. Ronaldo’s global reach could help the club grow sponsorship opportunities, marketing partnerships and international fan engagement.