Al-Nassr address financial crisis; now free to sign new players, report says

DUBAI: Al-Nassr completed the necessary procedures to address the financial restrictions imposed on it for accumulated debts exceeding SR800 million ($212 million), opening the door for the reigning Saudi Pro League champions to carry out signings ahead of the new season, Arriyadiyah has reported.

According to a source close to Al-Nassr’s owners, Saudi’s Public Investment Fund, the Arabic sports daily reported that PIF and the club’s management had through a series of urgent measures successfully addressed the recent financial crisis that threatened to disrupt the team’s campaign before it had even began.

Among the steps taken to address the issue, the report added, were the commercial contracts recently signed by the club with AI company Humain and Cruise Saudi, in addition to the restructuring of its current and future financial obligations to ensure its stability and sustainability of its operations.

The source confirmed that Al-Nassr had completed all the procedures for lifting the financial oversight and was on Friday in the process of submitting the necessary documents to the football authorities, allowing the club to secure potential signings ahead of the start of the new season on Aug. 13.

He also revealed that the fund, in coordination with the club’s board of directors, had hired specialized consulting firms to restructure the financial, administrative, legal and commercial aspects of the club.

This move aims to ensure the implementation of best practices in financial governance and enhance spending efficiency and financial sustainability in the future.

The same source had on July 25 sent shock waves throughout Saudi football by disclosing to Arriyadiyah that the PIF had begun taking urgent measures to address the severe financial crisis plaguing Al-Nassr, which had left the SPL champions with a debt of $212 million.