Saudi spending redefines football’s financial order — Ronaldo tops money league with $285m

Cristiano Ronaldo is the highest-paid footballer on the planet with an estimated earning of $285m (including $65m off the field). Picture credit: Getty Images

Featured

Saudi spending redefines football’s financial order — Ronaldo tops money league with $285m

Maurice Quansah Business News Oct - 22 - 2024 , 04:35

Saudi Arabia’s financial muscle is transforming football’s global economy, with its vast spending power shaping the salaries of the world’s top players and shifting the balance of wealth in the sport.

A year after Saudi Pro League clubs shocked the football world with an unprecedented $1 billion transfer spree, the pace has slowed.

This summer, Saudi clubs spent $524 million—half of last year’s total—according to football website, Transfermarkt.com. While the spending may have cooled, the chequebooks remain wide open for football’s biggest names.

Four players from the Saudi Pro League now rank among the top 10 highest-paid footballers in the world, reflecting the immense financial draw of the league.

Meanwhile, England’s Premier League, the usual financial heavyweight, has just three players on that list, while Spain’s La Liga claims two. Lionel Messi, now playing for Inter Miami in the U.S., is the sole representative from Major League Soccer.

Cristiano Ronaldo, who opened the floodgates for Saudi spending when he joined Al Nassr in January 2023, tops the list for the sixth time in the last decade.

The Portuguese icon is projected to earn a staggering $220 million on the field this season, with his total income, including off-field endorsements, reaching $285 million—a new record for football earnings. His financial package even surpasses his 2023 total of $260 million, putting him in rarefied air.

Only boxer Floyd Mayweather has earned more in a single year while still active in his sport.

Ronaldo’s former La Liga rival, Lionel Messi, comes in second on the earnings list, with $135 million before taxes and agent fees.

A significant portion—$75 million—comes from Messi’s off-field activities, including endorsements and memorabilia, making him the sport’s top earner in that category.

The ripple effect of Saudi Arabia’s spending spree has had a noticeable impact on European football. Kieran Maguire, a football finance lecturer at the University of Liverpool, highlights how Saudi money previously boosted the English Premier League by paying hefty transfer fees and absorbing high-salary players.

He said that with Saudi spending now more restrained, the Premier League is feeling the pinch.

Transfer spending in England’s top league dropped from a record $3 billion last summer to $2.5 billion this year, a clear sign of the changing financial tide.

“In 2023, you had the Saudi Pro League, which was contributing to the Premier League in two ways.

It was paying transfer fees, and it was taking off very expensive payroll players,” explains Maguire.

Germany’s Bundesliga and France’s Ligue 1 have also seen similar declines in spending, as fewer blockbuster transfers took place this summer.

Kylian Mbappé, ranked fifth with $90 million in earnings, is the only top 10 player to switch clubs during the off-season, joining Real Madrid.

This slowdown in player movement has limited financial growth for football’s biggest stars, with the world’s 10 highest-paid footballers projected to earn a combined $983 million this season—a modest two per cent increase from last year.

The Graphic Business takes a look at the top five earners in world football, according to the Forbes Money League, which ranks the world’s highest-paid football players for the 2024-25 season.

The evaluation includes base salaries, bonuses and in some cases, club-based image rights agreements.

1. Cristiano Ronaldo ($285 million)

Club: Al Nassr, Saudi Arabia | On-Field: $220 million • Off-Field: $65 million

With a social media following in excess of 900 million across Instagram, Facebook and X (formerly Twitter), Ronaldo is the most popular athlete on the planet and his online presence recently got even bigger with the launch of a YouTube channel in August.

Ronaldo’s more traditional partnerships include Nike, Herbalife and Whoop—in which he has an equity stake—not to mention CR-branded hotels, fragrances and underwear.

2. Lionel Messi ($135 million)

Club: Inter Miami, USA| On-Field: $60 million • Off-Field: $75 million

Messi has Inter Miami in a position to claim its first championship in the MLS. He is under contract with the South Florida-based franchise for 2025 with an option to extend it to 2026.

The Argentine icon boasts an impressive portfolio of partners off the field—including Adidas, Apple TV and Konami—and an Instagram account with more than 500 million followers.