Saudi Arabia’s Al-Nassr club has suffered a major blow before the start of the new football season, which will see the team return to participate in the AFC Champions League after winning the Roshan League title last season.
The Public Investment Fund has begun taking urgent measures to address the crippling financial crisis that is besieging Al-Nasr, the Saudi League champion.
According to Al-Riyadh newspaper, the fund has set three main paths to address the club's financial situation.
The first path involves restricting some of the financial powers of the current executive management of Al-Nasr Company, while the second path includes contracting with independent financial, commercial and legal consulting firms with the aim of increasing commercial revenues, rationalizing expenses and setting a time plan to restore the financial stability of the club.
The third option involves studying the offers submitted to acquire the club, with a preference for selling a partial stake rather than a complete exit.
The report explained that the executive management will not be able to conclude any new deals, whether for players or coaches, unless the necessary financial liquidity is provided from the club's revenues and sponsorships.
He added that the Public Investment Fund is currently considering two serious offers to acquire Al-Nasr, without disclosing the identity of the investors.
The newspaper revealed that Al-Nasr's debts exceeded 800 million Saudi riyals as a result of the financial decisions taken during the last season.
The report indicated that these measures aim to preserve the financial, marketing and public value of the club and prevent the inflation of debts, while adhering to the governance rules adopted in the sports companies affiliated with the Public Investment Fund.
The report also stressed that the fund’s ownership of clubs is subject to the supervision of the International Federation of Association Football (FIFA) and the competent regulatory bodies to ensure equality between the clubs owned by the fund and non-interference in their direct sporting decisions.
Abdullah Al-Majed announced on Saturday evening his departure from the presidency of Al-Nasr Football Club and his return to the ranks of the fans once again, confirming in a statement published through his account on the “X” platform that he will support any candidate who leads the club to successes.
