Cardinale’s RedBird Capital are reportedly exploring an investment in Al Nassr, the Saudi Pro League club featuring Cristiano Ronaldo, as the team’s current owner works to improve its financial position ahead of a possible sale.
The discussions, reported by the Financial Times and Italian outlets including La Gazzetta dello Sport, concern a potential 70% stake in Al Nassr. The deal remains at an early stage, and there is no confirmed agreement between RedBird and Saudi Arabia’s Public Investment Fund (PIF).
The reported valuation for the stake is approximately 1 billion Saudi riyals, equivalent to around $267m. Ronaldo could also become a shareholder, potentially holding a 20% interest, while Saudi Media Company has been mentioned as another possible participant.
Before a sale can proceed, Al Nassr’s finances need to be addressed. Reports put the club’s outstanding debt at around 800 million riyals, or approximately $213m. PIF has reportedly been arranging sponsorship agreements involving companies in its wider portfolio to strengthen the club’s balance sheet and make a transaction easier to complete.
RedBird’s interest would extend Cardinale’s investment in football beyond AC Milan, which the US investment firm acquired in 2022. The group has also built a portfolio across media, sport and entertainment, making a potential move into Saudi football consistent with its wider business interests.
Al Nassr would offer a high-profile platform in a league that has attracted international attention through major player signings, including Ronaldo’s move to Saudi Arabia in 2023. A partnership with the Portuguese forward could also offer commercial opportunities, although the precise structure of any investment remains unsettled.
The reported discussions would give RedBird the opportunity to take a controlling position in a club with substantial global visibility. However, the financial commitments involved and the work needed to address Al Nassr’s liabilities mean the proposal cannot yet be treated as a completed transaction.
PIF’s reported efforts to reduce the debt are central to the process. Improving the club’s financial position could make a sale more attractive to outside investors, while sponsorship agreements may provide additional support before a transfer of ownership is considered.
For Cardinale, a deal would mark another major investment in football and potentially create a closer commercial relationship with Ronaldo. But the parties have not publicly confirmed final terms, and the reported interest could still fail to result in an acquisition.
For now, RedBird’s potential involvement remains a developing story, with the size of the proposed stake, the role of Ronaldo and the final ownership structure all subject to further negotiations.