Miteb Al-Awad

Who Disrupted Al-Nassr's Transformation?

July 17, 2026 - 00:02 | Last updated July 17, 2026 - 00:02

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On June 5, 2023, the Ministry of Sports announced the transfer of 75% of Al-Nassr Club Company to the Public Investment Fund as part of the investment and privatization project. In December 2024, the company announced the closure of 14 cases and historical debts worth 300 million riyals dating back to 2018, and that there were no due receivables. That was a financial starting point allowing the building of a disciplined company, not the reproduction of debts in new guise.

The owner took over Al-Nassr with an exceptional asset named Cristiano Ronaldo; the largest mobile marketing platform in football. According to "Al-Nassr Company" in July 2025, Al-Nassr's revenues reached 556 million riyals without government grants, including 323 million in commercial revenues, 304 million from sponsorship, compared to only 18 million from merchandise.

Then, a report by "Euromercas Sports Marketing" in May 2026 placed Al-Nassr as the tenth club in the world in shirt sales with more than 1.2 million shirts, and the only Arab and Asian club on the list. These are assets convertible into profits through commercial licensing, image rights, international distribution, e-commerce, and digital memberships.

The irony is that "local media" reported on July 13, 2026, citing an informed source, that Al-Nassr's obligations exceeded its revenues due to contractual and financial decisions, despite the club receiving all its dues from the Ministry of Sports and knowing the allocation limits. Here ends the excuse of funding shortage, and begins the file of capital misallocation.

Responsibility begins with investigating the employees who ran the company: who requested loans and bank facilities? Who prepared cash flow studies? Who determined guarantees and financing costs? And who signed and pledged future revenues, if that happened, to cover current spending?

The same investigation should open the contracts file: who proposed their values and durations? Who approved agent commissions and termination conditions? And were they subjected to tests of repayment capacity and return on investment?

A loan is not a sin when it finances a productive asset with a return exceeding its cost; the sin is when it turns into a cover for operational deficit. A contract is not an achievement at the moment of signing; its value lies in what it adds to revenues, championships, and brand value.

If an employee misleads the board of directors, they are held accountable; if the board approves risks while knowing them, they are held accountable; and if the owner's oversight (the 75% shareholder) is absent, that is a governance gap requiring accountability.

Cristiano created demand, the public bought, and sponsors paid; so who turned the revenue machine into an installment ledger? And who allowed him to leave the company without accountability or punishment?