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The clubs on Tuesday reached an agreement on the transfer of the Brazil forward for a reported 90 million euros (USD 98 million), a record for a league that is now financially backed by the oil-rich state.
Al Hilal, a record 18-time national champion, is one of four Saudi clubs effectively nationalized by the Public Investment Fund (PIF), the sovereign wealth fund that claims assets of about USD 700 billion.
The 31-year-old Neymar signed a two-year contract that is expected to earn him an annual salary of about USD 100 million. That would be around half of the reported salary being taken home by Cristiano Ronaldo, who plays for Al Nassr and whose move to Saudi in January sparked a slew of transfers to the kingdom by players like Karim Benzema, N’Golo Kante, Riyad Mahrez and Jordan Henderson.
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Neymar reportedly wanted to rejoin Barcelona but the Spanish club couldn’t afford the financial package required for the transfer. No other top European club was willing — or wealthy enough — to sign Neymar, who has struggled with injuries in recent years.
He was an undoubtedly talented yet often frustrating figure at the PSG, which put together a star-studded forward line of Neymar, Kylian Mbappe and Lionel Messi and now only has one of them left.
Messi joined Inter Miami this off-season and Mbappe has one year left on his deal, after which he is likely to move to Real Madrid.
Mbappe has been mired in a transfer standoff with PSG and was the subject of an offer by Al Hilal, which he turned down. The French club said Sunday it has had “constructive and positive talks” with Mbappe.
Al Hilal also has Brazilian winger Malcom, Portugal midfielder Rúben Neves and Senegal defender Kalidou Koulibaly in its squad.
Malcom and Neves were the subjects of the two previous most expensive transfer fees paid by a Saudi club — at a reported 60 million euros (USD 65 million) and 55 million euros (USD 60 million) from Wolverhampton, respectively.