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French forward Karim Benzema has signed documents to join Saudi Arabian Super League soccer champions Al-Ittihad, confirming his departure from Real Madrid.
The 35-year-old striker is available on a free transfer after terminating the one-year extension clause he had in his contract with the Spanish team.
Benzema’s contract with Al-Ittihad is understood to be for two years, with the option of a further season, Saudi state-run Al Ekhbariya television reported Sunday. The British press reported that the deal is expected to be worth about £172 million ($212.8 million) per year.
Real Madrid’s manager, Carlo Ancelotti, said on Sunday that the club “cannot be happy about his farewell but we have to respect his decision.” The Ballon d'Or-winning striker joined Madrid from Lyon in 2009 and won five Champions Leagues and four La Liga titles at the Spanish club.
ESPN had reported on Thursday that Benzema was likely to join the Saudi team.
Al-Ittihad beat Al-Nassr, where Cristiano Ronaldo plays, to the title last month. Ronaldo joined the Saudi team from Manchester United last December, on a two-and-a-half-year contract worth more than $214.5 million, according to some estimates.
Benzema is due to give a farewell press conference in Madrid Tuesday, The Guardian reported Monday.
Flush with oil wealth, Saudi Arabia is looking to continue to increase its presence in sports by hosting international games, signing high-profile players and investing in soccer clubs.
Other top soccer players have been linked to the Saudi league, such as Lionel Messi, who was reportedly offered more than £350 million ($433 million) per year by Al-Hilal. Barcelona is also racing to sign the Argentine superstar, who is due to decide on his future after leaving Paris Saint-Germain in the summer. Messi won multiple trophies including four Champions League titles at the Catalan club.
Saudi Crown Prince Mohammed bin Salman on Monday launched an investment and privatization project for sports clubs, the Saudi Press Agency reported. The initiative involves the approval of the investment of major corporations and public sector organizations into sports clubs in exchange for transferring the clubs' ownership to them. The government will also offer several sports clubs for privatization from the fourth quarter of 2023. Under the new rules on Monday, four Saudi clubs — Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal — were transformed into companies, each of which is owned by Saudi Arabia's Public Investment Fund and non-profit foundations for each club.
