FC Shakhtar Donetsk, a regular participant in the UEFA Champions League, has not played a game at home in Ukraine for almost ten years. The club’s CEO, Serhii Palkin, has enlisted the help of Geneva-based sports advisory firm LTT Sports to explore opportunities with Saudi clubs in the Saudi Pro League, including FC Al Taawoun. The objective is to secure lucrative player transfers and organize exhibition matches in Saudi Arabia next season.
Palkin explained the decision, stating, “We’re targeting this market because we recognize that Saudi Arabia has a significant amount of money and will be hosting the World Cup soon. I believe it is important for us to be involved in the entire process.”
Saudi Arabian investments have had a profound impact on the football industry in recent years. The country has spent hundreds of millions of dollars to acquire stakes in Premier League clubs like Newcastle United and attract top players such as Cristiano Ronaldo and Karim Benzema to the Saudi Pro League. In addition, Saudi Arabia has secured the rights to host the 2034 World Cup.
“Football Must Go On,” a new documentary about FC Shakhtar Donetsk and its off-pitch struggles, is generating positive reviews in the United States. The four-part series is being broadcast on Paramount Plus.
Due to the conflict between separatist Russian forces and the Ukrainian army, Shakhtar Donetsk has been unable to play matches at its 70,000-seat home stadium in the Eastern Ukrainian city of Donetsk since 2014. The club currently plays its “home” games in domestic tournaments in Lviv, near the Polish border, and sometimes in Kyiv.
Palkin did not disclose the names of other clubs besides FC Al Taawoun, which currently ranks fifth in the 18-team Saudi Pro League. However, he mentioned that the club is also exploring opportunities for player academies.
As part of their search for new revenue streams, the club plans to travel to Japan on December 14 to play a series of exhibition matches against top-flight local teams, including J. League Cup winners Avispa Fukuoka.
The financial impact of the conflict has been devastating for Shakhtar Donetsk. In the 2018-19 season, the club generated 5.9 billion hryvnia ($250 million) in total revenue, including 4 billion hryvnia ($170 million) from player transfers. However, by the 2021-22 season, total revenue had plummeted to $80 million, with only $23 million coming from player transfers, largely due to the FIFA ruling allowing players valued at over €40 million ($43 million) to leave for free following the Russian invasion.
In an effort to recover financially, Shakhtar Donetsk filed a complaint with the European Union’s antitrust watchdog. The club lost a December verdict at the Court of Arbitration in Sport, which upheld the FIFA ruling. However, Shakhtar Donetsk plans to appeal the decision.
In January, the club sold Ukrainian attacker Mykhailo Mudryk to Chelsea FC for $70 million, with club owner Rinat Ahkmetov pledging to donate $25 million to Ukraine’s war effort. This sale helped boost revenue for the 2022-23 season to $162 million.
Despite its current position of fourth in Ukraine’s top league, Shakhtar Donetsk has achieved recent success in the Champions League, defeating powerhouse Barcelona 1-0 on November 7.