PIF Weighs Ownership Restructuring for Al‑Nassr as AFC Rules Threaten Club Eligibility
New AFC regulations could force Saudi giants to change their ownership models
From the 2027‑28 season onward, the Asian Football Confederation (AFC) will enforce stricter rules designed to prevent a single entity from influencing several clubs that compete in the same continental tournament. The rule, outlined in Article 8 of the AFC Club Competitions Entry Regulations, targets situations where one owner, investor or governing body holds decisive power over more than one participating team, a scenario that could jeopardise the sporting integrity of AFC competitions.
Why Al‑Nassr, Al‑Ahli and Al‑Ittihad are in the spotlight
Saudi Arabia’s Public Investment Fund (PIF) currently holds majority stakes in the three clubs that dominate the nation’s football landscape – Al‑Nassr, Al‑Ahli and Al‑Ittihad. If any two or all three of these sides qualify for the AFC Champions League or AFC Cup, the shared ownership structure would clash with the new AFC provisions unless the clubs are legally separated.
Two paths on the table
According to reports from 365Scores Arabic, the PIF is evaluating two primary ways to comply with the upcoming rules while safeguarding the value of its investments:
- Partial privatization: The fund could sell a portion of its holdings to private investors, mirroring the approach recently taken with Al‑Hilal. In that deal, PIF transferred a 70 % share to Kingdom Holding Company – the vehicle of Prince Al‑Waleed bin Talal – for roughly SAR 840 million, retaining a 30 % minority stake.
- Administrative separation: Alternatively, the PIF could restructure the governance of each club, creating independent boards and management teams that diminish its direct control. Any such arrangement would need to satisfy the AFC’s definition of “significant influence”.
How the current ownership model came about
In 2023, as part of Vision 2030’s Sports Clubs Investment and Privatization Project, the PIF acquired 75 % of the equity in the four leading Saudi clubs – Al‑Hilal, Al‑Nassr, Al‑Ahli and Al‑Ittihad. The remaining 25 % was retained by non‑profit foundations that historically represented the clubs’ members. By August 2026, the Saudi authorities had transferred those residual shares to the PIF, effectively consolidating full control and dissolving the foundations’ boards.
Al‑Hilal’s recent sale of a majority stake to a private investor gave it a distinct ownership structure, setting a precedent that the PIF may now consider for the other three clubs.
Potential impact on Al‑Nassr and its star player
Al‑Nassr’s profile has risen dramatically since Cristiano Ronaldo joined in 2023, turning the Riyadh side into a global brand. Any shift in ownership – whether through a sale of shares or a re‑organisation of its board – could influence the club’s commercial strategy, its ability to attract sponsorships, and possibly its recruitment policy. While the on‑field ambitions, such as regularly challenging for Asian titles, would remain, the off‑field dynamics may change considerably.
What the future could hold for Saudi football
The broader aim of the AFC’s new rule is to encourage greater independence among clubs, promote private investment and ensure that competitions are decided on sporting merit rather than financial clout. For Saudi clubs, complying with these standards could lead to a more sustainable model in the long run, even if it means parting with some of the state‑backed capital that has fueled recent growth.
At present, no definitive decision has been announced by the PIF or the clubs involved. The coming months are expected to bring more clarity as Saudi authorities, club executives and potential investors negotiate the best path forward.
Key points to watch
- Whether the PIF will opt for partial privatization, a full administrative split, or a hybrid solution.
- The timeline for any restructuring, especially in relation to the AFC’s 2027‑28 season deadline.
- How changes might affect Al‑Nassr’s commercial partnerships and player recruitment, including the future of its marquee signing.
- Potential ripple effects on Al‑Ahli and Al‑Ittihad, who face the same regulatory pressure.
Fans of Saudi football will be watching closely, as the outcome will shape not only the clubs’ eligibility for continental contests but also the overall trajectory of the sport in the Kingdom.
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