According to various reports on Monday, Saudi Arabian soccer club Al Hilal has made a world-record offer of more than $332 million (300 million euros) for Paris Saint Germain (PSG) star Kylian Mbappé.
The 24-year-old has been left out of PSG’s preseason tour of Japan, with the club threatening to sell him if he does not sign a new deal.
CNN has reached out to representatives for PSG, Al Hilal, and Mbappé for comment.
When Neymar transferred from Barcelona to PSG in 2017, the existing world record cost was $262 million (€222 million).
Despite officially stating his desire to remain in Paris for the next 2023/24 season, Mbappé is thought to be dissatisfied in the French city.
According to various sources in June, Mbappé told PSG that he would not exercise his third-year option in his contract, forcing the club to choose between selling their top player this summer and letting him depart for free in 2024.
PSG president Nasser Al-Khelaifi reiterated the club’s position on the Frenchman’s future earlier this month during a news conference to welcome the team’s new head coach Luis Enrique.
“Our viewpoint is crystal clear – crystal clear. We want Kylian Mbappé to remain if he wants to. “However, he must sign a new contract,” Al-Khelaifi told reporters.
“We cannot afford to let the best player in the world walk away for free right now.” That is just not feasible. This is a French club, and he has said that he would not leave for free.
“It is not our problem if someone changes their mind. We will not allow one of the finest players in the world go away for nothing. It is quite clear.”
According to French media site L’Equipe, PSG’s owners are willing to accept Al Hilal’s proposal, which allegedly includes a $775 million (700 million euros) pay package for Mbappé, and have authorised the Saudi club to talk with the World Cup champion.
While PSG is eager to trade the French superstar, Mbappé ultimately has control over where he plays since he is under contract for the year and can reject any transfer that does not meet his approval.
Since nearly signing the French international striker ahead of the 2022/23 season, Real Madrid has been extensively connected with Mbappé and is reputedly the Frenchman’s favourite landing point if he were to leave Paris.
A relocation to Saudi Arabia would significantly enhance the country’s efforts to establish a competitive football league.
The 2018 SPL season begins on August 11. Last season, Al Hilal reached the finals of both the FIFA Club World Cup and the AFC Champions League.
The Saudi Public Investment Fund (PIF) revealed last month that Al Hilal was one of four Saudi clubs that had been converted into corporations, each of which is owned by the PIF and non-profit foundations for each club.
According to its most recent report, the PIF is a government-controlled fund with $650 billion in assets under administration. It hopes to reach $1 trillion in a few years. The PIF is not an unusual state-owned investment fund. According to the Sovereign Wealth Fund Institute, it is only the seventh-largest in the world.
While some are pension funds for citizens or public workers, others, such as the PIF, function more like a private sector investment business, attempting to create money via a diverse portfolio of assets.
But, unlike those private investment firms, Saudi Arabia’s fund is distinguished by the fact that, because the country is widely criticised for its human rights record, its investments in sports and other entertainment companies can be interpreted as “sportwashing” – an attempt to repair that tarnished reputation.
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