After spending nearly $1 billion in the 2023 transfer window, the Saudi Professional League has cut its spending on the new star of the beautiful game in half.
Aiming to make the league famous, the Saudi monarchy, through its Public Investment Fund, has invested in sports stars such as runner-up Ballon d’Or winner Cristiano Ronaldo, Real Madrid’s all-time second-leading scorer Karim Benzema, and N’ I was invited. Golo Kante, 2021 Champions League Final MVP, Sadio Mane, African Nations Cup winner with Senegal, Neymar Jr., gold medalist with Brazil at the Tokyo Olympics, Yacine Bounou, goalkeeper with Morocco national team, Aymeric Laporte, European player Spain Won the championship as a representative.
N’Golo Kante and Karim Benzema training with Al Ittihad – PHOTO/X/@ittihad
The Saudi League, second only to the Premier League, was the most expensive competition in 2023, but in the last transfer window it fell to sixth place behind the Big Five leagues it aims to compete with.
This change in direction comes as the league is currently looking to strengthen its technical structure and improve football from the academy so that the success of clubs at national and international level immediately spills over to the national team.
Nasr’s Portuguese striker Cristiano Ronaldo poses with the top scorer’s trophy after the semi-final soccer match of the Arab Club Champions Cup 2023 – AFP/Abdullah MaHDI
Saudi league officials are weighing the profitability of major investments as Saudi Arabia faces difficulties modernizing its oil economy due to tight budgets. While gaining popularity for Cristiano Ronaldo is a big step in popularity, the league’s main mission is to maintain attention in the long term.
Although compared to the Chinese league’s investment, Saudi Arabia’s investment has proven to be more influential, for example, Cristiano Ronaldo and Al Nasr’s presentation was watched by more than 2 billion people.
New signing Al Hilal Neymar is unveiled to fans inside the stadium before the match, August 19, 2023 – Reuters/Ahmed Yosri
The country’s soccer league is currently undergoing reforms to attract more tourists and business as it seeks to diversify its economy in the face of declining global oil demand. A high-priced, extravagant move remains a possibility, but a repeat of 2023 is unlikely to happen often.
Spending on soccer has fallen due to cuts in Saudi Arabia’s major investment projects as part of Vision 2030, an economic diversification plan led by Crown Prince Mohammed bin Salman.
Vision 2030 logo – Reuters/Faisal Al Nasser
In April, Saudi Arabia’s finance minister said that global events such as the wars in Ukraine and Gaza and the coronavirus pandemic had led to a review of reform plans, including a project to build the future desert city of NEOM. I admitted it.
Saudi Arabia’s Public Investment Fund has issued bonds four times this year, and state oil company Aramco has issued more than 1 billion shares to finance major projects, according to experts in the field.
Signing expensive and well-known players can cost a lot of money in the long run and does not guarantee success, especially for the Saudi national team. So far, the expected commercial benefits, such as television and commodity deals, have not materialized, requiring a review of priorities and goals.
This year, transfer fees have been reduced not only in the Saudi League, but also in the Major Leagues, especially the Premier League, and players have been forced to cut their investments in half in order to comply with financial fair play. According to FIFA data, global transfer fees in 2024 decreased by 13% to $6.4 billion.
