It’s hard to think Ronaldo would ever be upset with Al Nassr, given the GBP 488k a day he reportedly makes just from his base salary, under the mega contract he signed in June last year that made him football’s first b’naire ever. And yet, Ronaldo was not named for the lineup against Al Riyadh last Monday, and is said to be sitting out the next game against Al Ittihad on Friday too.

What’s the deal? Circulating reports claim the Portuguese legend, who turns 41 today, is dissatisfied with what he perceives as the PIF favoring Al Hilal in transfer spending. Uneven financial backing from the sovereign fund has seen some clubs strengthen their lineups while others falter as he sees it.

The claim is not without merit: The latest transfer window — which officially closed on Monday — was absent any major additions to aid Ronaldo in the field, while other PIF-owned clubs went more aggressive in their spending.

And then the Karim Benzema move came in. The former Ballon D’Or winner left Al Ittihad and donned the blue shirt under an 18-month contract this week. Benzema joins heavy hitters such as Neves, Nunez, and Bounou, arguably giving the current league leader the strongest lineup in the SPL. That’s not good news for Ronaldo, who is yet to win a league title since he joined Al Nassr in 2022.

Governance issues seem to be at play, too. Sources told ESPN the Public Investment Fund suspended sporting director Simão Coutinho and CEO José Semedo back in June, effectively freezing major capital deployment.

Al Hilal, on the other hand, appears to have strong private capital backing its signings, with its six transfers during the latest window — Benzema included — reportedly funded by Prince Alwaleed Bin Talal. The b’naire prince has vested interests in Al Hilal as he’s part of the non-profit that owns 25% of the club, and is said to be in negotiations to take the remaining 75% off the PIF’s hands.

The long history and strong fundamentals give Al Hilal an edge in attracting private capital. The club reported total revenues of USD 340 mn (SAR 1.27 bn) for the 2024-2025 season, the highest figure ever for a Saudi sports organization. Sponsorship and partnership revenues went up by 16.5% compared to the previous season following the club’s stunning victory against Manchester City in the Fifa Club World Cup.

Al Nassr’s earnings are not out yet, but estimates put the club’s revenues at USD 110 mn — roughly a third of Al Hilal’s figure. The revenue gap could help explain why Al Hilal has been able to pursue more aggressive signings and maintain a higher commercial profile.

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