Riyadh, Saudi Arabia — Saudi Arabia’s Public Investment Fund (PIF) is reportedly working with its portfolio companies on sponsorship arrangements involving Al Nassr, the Saudi Pro League club where Cristiano Ronaldo plays, ahead of a potential sale, according to a Semafor report.
The sovereign wealth fund is arranging corporate sponsorship deals to strengthen the club’s balance sheet, people familiar with the matter told Semafor. That would help facilitate a sale to investors led by RedBird Capital, the owner of Italian club AC Milan.
RedBird has held at least two meetings with PIF about taking a 70% stake in Al Nassr, the people said. One person close to the fund described RedBird’s interest as “early” and cautioned that a deal might not be reached.
RedBird and its partners would pay about $267 million (SAR 1 billion) for the stake, with Ronaldo expected to hold a 20% share. Other investors could include Saudi Media Company (SMC), a privately held, Riyadh-based media, sports and entertainment firm. Final terms have not been agreed and could still change, the people said.
RedBird and PIF declined to comment to Semafor, and Al Nassr and Ronaldo’s representatives didn’t immediately respond to its request.
Gerry Cardinale’s RedBird bought AC Milan in 2022 and manages roughly $21 billion. It most recently financed media mergers involving Skydance, Paramount and Warner Bros. Discovery. Ronaldo’s investment firm, CR7, holds a 25% stake in UD Almeria, a club in Spain’s second division backed by SMC.
If a deal is finalized, people close to the buyers say being part of a wider consortium would let Al Nassr cut costs and tap media and marketing partnerships with other RedBird and SMC portfolio companies. They also want to raise the club’s profile in the U.S.
Saudi Pro League clubs spent approximately $957 million on player transfers during the summer of 2023, according to Deloitte, as the league attracted international stars including Neymar and Karim Benzema, following Cristiano Ronaldo's arrival at Al Nassr in December 2022.
In September, Saudi Arabia's Public Investment Fund completed the sale of a 70% stake in Al Hilal to Kingdom Holding Company, chaired by Prince Alwaleed bin Talal. The transaction valued the club at approximately $373 million (SAR 1.4 billion) on an enterprise-value basis, with Kingdom Holding paying around $224 million (SAR 840 million) for its stake.
In August, HUMAIN announced a partnership with Al Nassr, becoming the club’s official sponsor and lead jersey sponsor for the 2026–27 season while securing naming rights to its new training center.
The partnership also extends beyond traditional football sponsorship, with HUMAIN set to support the club’s use of artificial intelligence across its operations. The collaboration covers areas such as performance analysis, fan engagement and digital services, reflecting the growing role of technology in professional football. For Al Nassr, the agreement brings together commercial sponsorship and technology development as the club continues to expand its activities beyond the pitch.
