could soon be at the center of the summer’s most complicated transfer. The 25-year-old United striker, fresh off a breakout season, is now the subject of reported interest from Al Hilal, with Gianluca Di Marzio breaking news of the Saudi club’s intent to make a massive offer. But this isn’t just another big-money bid from the . It’s a test of how far shared ownership can bend football’s transfer market.

Al Hilal, one of four Saudi clubs owned by the Public Investment Fund (PIF), is exploring a bid for Isak despite Newcastle also being 80% owned by the same sovereign wealth vehicle. There are no legal blocks to such a deal. But there are questions. Would it be a true market-value sale, or an internal transfer designed to juice Newcastle’s financial books?

Isak is under contract through 2028. Newcastle have publicly said he’s not for sale. But if Al Hilal’s rumored offer creeps toward the £150 million ($195M) mark, roughly what Newcastle rejected from Liverpool, even the most ambitious Premier League side would have to pause.

The PIF dilemma

On paper, this is a win-win. Al Hilal gets a striker in his prime. Newcastle, constrained by PSR rules, could cash in on one of their most valuable assets, and still keep the money within the PIF ecosystem. But football isn’t that simple.

Internally, there’s tension. Newcastle reportedly want to build around Isak. They even offered a new contract this summer that would make him their top earner. But the broader PIF strategy could prioritize boosting the Saudi league’s international profile over Premier League competitiveness.

Isak, for his part, hasn’t ruled anything out. According to reports from Foot Mercato and others, the Swedish forward has given the “green light” to enter talks. No transfer request. No Instagram farewell. But no denial either. And in the vacuum, negotiations are already underway between Al Hilal and the player’s agents.

Fan reactions have been predictably polarizing. Newcastle supporters are dismissing the move as absurd or even unethical. On Reddit and X, many joke about PIF essentially bidding against itself. Some fear it sets a dangerous precedent. Others think it’s just noise, a way to drive up Isak’s value.

Meanwhile in Riyadh, Al Hilal fans are buzzing. Adding Isak to a squad that already includes Mitrović would signal a serious intent to dominate not just domestically, but globally. Whether Isak is willing to make that leap, to exit the Champions League stage in exchange for generational wealth, remains the biggest question.

The window is open. The money is there. But so are the optics, the politics, and the pressure. If this deal happens, it won’t just reshape Newcastle or Al Hilal. It will challenge our understanding of ownership, influence, and the boundaries of fairness in global football.