Saudi Arabia's Public Investment Fund-backed club Al Hilal has signed West Ham winger Crysencio Summerville for £68 million. The deal underscores the growing dominance of sovereign wealth in football. It also comes as cryptocurrency firms retreat from high-profile sports sponsorships — a shift that's been building for months.
The deal in numbers
Al Hilal, owned by the PIF, paid £68 million for the 23-year-old Dutch winger. Summerville had been at West Ham since 2023, scoring 12 goals last season. The transfer is one of the largest this window and signals the continued spending power of Saudi clubs. For West Ham, it's a record sale.
Crypto's fading role
The deal is notable for what it doesn't include: a crypto sponsor. In recent years, crypto exchanges and blockchain firms flooded football with sponsorship deals. But after the market downturn and regulatory crackdowns, many of those deals have evaporated. Saudi sovereign wealth, not crypto, is now the dominant new money in the sport. The article notes that crypto's role in sports sponsorships is fading — and this transfer is a clear example.
With the Saudi Pro League still attracting top talent, European clubs face a new reality. The £68 million fee is a record for West Ham, and it shows that PIF-backed clubs are willing to pay premium prices. Meanwhile, crypto-backed clubs and sponsorships have become rare. The contrast is stark. The timing isn't great for crypto firms trying to rebuild their image.
The next question is whether other Saudi clubs will follow with similar big-money moves before the transfer window closes. For now, the PIF's strategy is clear — and crypto is no longer part of the conversation.
