The Saudi government has handed ownership of four top domestic football teams to its deep-pocketed sovereign wealth fund, putting increased financial firepower behind the country’s ambitious plans in the sport.

The Public Investment Fund said on Monday that Al Ittihad, Al Ahli, Al Hilal and Al Nassr — where Portuguese star Cristiano Ronaldo plays — had been converted into corporate entities, having previously been run by the state. The $600bn fund will own 75 per cent of each of the four clubs, with the remaining shares held by new non-profit foundations.

The move to change the ownership structure of the biggest domestic clubs coincides with a push to bring more top players to the country. Since Ronaldo arrived in January, lucrative offers have reportedly been made to Argentina’s World Cup winning captain Lionel Messi, and Karim Benzema, winner of the 2022 Ballon d’Or. The trio are among the greatest footballers of the past 20 years, although all of them are nearing the end of their careers. Messi already has a promotional deal with Visit Saudi, the country’s tourism board.