Cristiano Ronaldo’s Al-Nassr faces new reality as rival Al-Hilal overtakes every club in the world with stunning five-year transfer spending record

Cristiano Ronaldo’s Al-Nassr has established itself as one of the biggest forces in Saudi soccer, but its Riyadh rival Al-Hilal has now revealed the scale of the financial battle taking place behind the scenes. A new global transfer spending study has placed Al-Hilal above some of Europe’s biggest clubs, underlining just how aggressively Saudi Arabia’s leading clubs have invested since the league entered a new era.

The figures from the CIES Football Observatory, covering transfer activity between 2022 and 2026, show Al-Hilal at the top of the global rankings. Tottenham, Manchester United and Chelsea are among the European giants sitting behind the Saudi club, while Al-Nassr also features prominently among the world’s biggest net spenders.

Al-Hilal‘s numbers are striking because the ranking measures net transfer spending, meaning money spent on incoming players after revenue generated from player sales has been deducted. Salaries are excluded, making the figures a reflection of transfer-market investment rather than the total cost of running a squad.

According to CIES Football Observatory data, Al-Hilal has spent approximately €925 million on transfers since 2022 while generating only around €52 million from player sales. That leaves the club with a staggering €873 million net outlay, the highest figure recorded by any club in the world over the five years.

The scale of that spending puts Al-Hilal ahead of Tottenham, which recorded approximately €840 million in net spending, while Manchester United followed at €831 million. Chelsea, Liverpool and Arsenal were also among the leading clubs, with net outlays of roughly €762 million, €745 million and €708 million respectively.

Saudi clubs dominate the spending conversation

Al-Hilal’s position reflects the transformation of the Saudi Pro League since 2022, when the country’s soccer project accelerated dramatically. The club has recruited some of the biggest names in world soccer, with Neymar, Malcom, Kalidou Koulibaly and Bono among the stars brought in during the spending boom.

The limited amount generated through player sales has also played an important role in Al-Hilal’s enormous net figure. Because the club has spent heavily while rarely recouping comparable sums from outgoing transfers, the gap between expenditure and revenue has continued to grow.

Al-Hilal is not alone in benefiting from the enormous investment flowing into Saudi soccer. Al-Ahli ranks ninth globally with around €441 million in net spending, while Al-Nassr is 10th at approximately €434 million, meaning Ronaldo’s club has also invested heavily but remains almost €439 million behind its Riyadh rival in net outlay.

Al-Nassr’s spending is still enormous

The comparison between the two Riyadh clubs is particularly revealing. Al-Nassr’s €434 million net spending is roughly half of Al-Hilal’s €873 million, yet the club remains inside the global top 10 alongside some of the most powerful teams in European soccer.

Both clubs have benefited from the wider Public Investment Fund (PIF)-backed transformation of the Saudi Pro League, with recruitment used to raise the competition’s sporting level and global profile. The arrival of players such as Ronaldo has also provided enormous commercial attention, helping Saudi soccer become a far more visible product internationally.

The spending strategy is therefore about more than assembling expensive squads. The broader project has sought to increase the league’s commercial appeal, attract global audiences, improve the quality of competition and establish Saudi Arabia as a major soccer market.

Ronaldo still had the final say on the pitch

Yet Al-Hilal’s remarkable spending advantage provides an important reminder that transfer-market dominance does not automatically guarantee trophies. Despite Al-Hilal investing almost twice as much as Al-Nassr in net terms over the five-year period, Ronaldo and Al-Nassr beat their Riyadh rival to the 2025-26 Saudi Pro League title.

Al-Nassr finished the campaign with 86 points from 34 matches, recording 28 wins, two draws and four defeats. Al-Hilal actually completed an unbeaten league campaign but finished two points behind on 84, showing how decisive Al-Nassr’s ability to turn matches into victories proved to be.

The title was sealed with a 4-1 victory over Damac, with Ronaldo scoring twice in the second half. It was Al-Nassr’s first league championship since 2018-19 and gave Ronaldo his first major Saudi Pro League title with the club.