Four of the leading Saudi Arabian clubs have been taken over by the country’s Public Investment Fund.
Portugal forward Cristiano Ronaldo plays for Al-Nassr and his former Real Madrid team-mate Karim Benzema is expected to join champions Al-Ittihad.
Al-Hilal want Argentina’s Lionel Messi.
If those deals happen, it would mean the winners of 13 of the last 14 Ballon d’Or all playing for PIF clubs in Saudi Arabia.
France striker Benzema, 35, has just left Real Madrid a year before the end of his contract and a move to Saudi Arabia is thought to be imminent.
Barcelona’s all-time top goalscorer Messi, 35, is also a free agent after leaving Paris St-Germain.
Al-Hilal and MLS side Inter Miami are thought to be his most likely destinations. Messi’s former Barcelona team-mate Sergio Busquets has also been linked with a Saudi move.
The PIF said: “[The clubs] have been transformed into companies, each of which is owned by PIF and non-profit foundations for each club.
“The transfer of the four clubs will unleash various commercial opportunities, including investment, partnership and sponsorships across numerous sports.”
Sheffield United owner Abdullah bin Musaid Al Saud had owned Al-Hilal.
Newcastle’s takeover by the PIF in 2021 was approved after “legally binding assurances” the Saudi government would not have any control over the club.
The PIF also owns LIV Golf.