Author and soccer finance expert Kieran Maguire told CNBC on Thursday that Al-Nassr’s signing of Ronaldo was a “marketing exercise” rather than an effort to rival the major European leagues as the Asian country works toward expanding its commercial appeal beyond natural resources.
“If you take a look at the social media following that somebody of Cristiano Ronaldo’s status brings, it’s far greater than that of an individual football club,” Maguire said.
“Saudi Arabia has a young population, so he will attract that generation. There’s economic benefits, there’s political and societal benefits, and the financial cost is a complete irrelevance.”
Meanwhile, the Saudi PIF’s takeover of Newcastle United was met with criticism across the soccer world. A group called NUFC Fans Against Sportswashing sprung up in protest at the takeover.
Saudi officials have consistently denied allegations of sports washing in their various sporting pursuits. The Newcastle takeover consortium led by British businesswoman Amanda Staveley insists the PIF is independent of the Saudi government.
