Cristiano Ronaldo’s Al-Nassr faces uncertain ownership future as PIF weighs two options to avoid AFC conflict

Cristiano Ronaldo’s Al-Nassr could face a significant change behind the scenes as Saudi Arabia’s Public Investment Fund (PIF) considers how to address a growing regulatory challenge involving the country’s leading football clubs. With new Asian Football Confederation (AFC) rules approaching, Al-Nassr, Al-Ahli and Al-Ittihad may need changes to their ownership structures before the 2027-28 season to protect their eligibility for continental competitions.

The issue stems from regulations designed to prevent conflicts of interest when multiple clubs under the same ownership participate in the same Asian competition. According to 365Scores Arabic, PIF is examining ways to ensure the three Saudi clubs can operate independently while preserving their financial value.

Under Article 8 of the AFC Club Competitions Entry Regulations, restrictions apply when a single entity has ownership, management authority or significant influence over multiple participating clubs in circumstances that threaten competitive integrity. If Al-Nassr, Al-Ahli and Al-Ittihad qualify for the same continental competition, their shared ownership could create an eligibility problem unless the required separation is achieved.

The two options on PIF’s table

PIF is reportedly weighing two potential solutions: selling investment stakes to private investors or transferring administrative control to establish greater independence between the clubs. Both approaches could help Saudi Arabia’s major teams comply with the upcoming regulations while allowing PIF to protect the value of its investments.

Selling stakes would follow a model already seen at Al-Hilal, where PIF agreed to sell a 70% shareholding to Kingdom Holding Company, linked to Prince Alwaleed bin Talal, for approximately SAR 840 million while retaining a 30% minority stake. Alternatively, transferring administrative ownership could involve restructuring boards and management arrangements, although any changes would need to satisfy the AFC’s requirements on control and influence.

How Saudi Arabia’s ownership model reached this point

PIF acquired 75% stakes in Saudi Arabia’s so-called Big Four clubs in 2023 as part of the country’s broader Sports Clubs Investment and Privatization Project under Vision 2030. The remaining 25% was held by non-profit foundations representing the clubs’ traditional membership structures.

In August 2026, Saudi authorities began transferring those remaining stakes to PIF, consolidating ownership and dissolving the foundations’ boards. Al-Hilal’s partial sale to a private investor has given it a different ownership structure, while Al-Nassr, Al-Ahli and Al-Ittihad now face questions about how their shared control can be reconciled with the AFC’s rules.

What the changes could mean for Ronaldo’s Al-Nassr

For Al-Nassr, the developments carry particular significance because Ronaldo has played a central role in the club’s international profile since joining in 2023. Any ownership restructuring could influence its commercial direction, recruitment strategy and ambitions to compete regularly for major Asian honours.

Al-Ahli and Al-Ittihad face similar considerations, as all three clubs seek to remain competitive while adapting to stricter governance requirements. The wider objective is to attract private investment, strengthen club independence and make Saudi football more sustainable over the long term.

For now, PIF’s plans remain under consideration, and no final restructuring decision has been announced. The coming months could bring greater clarity as the Saudi authorities and the clubs prepare for the new regulations.