The inaugural edition of the competition will feature 32 teams and will be held between June 14 and July 3 in the US.

“Together, we look forward to delivering a historic tournament that inspires and unites fans from around the world,” Fifa’s chief business officer Romy Gai said.

“The partners of the first-ever 32-team Fifa Club World Cup believe in our vision to make football truly global,” he added.

This announcement is a further example of ties between PIF and football’s global body with the sovereign wealth fund having recently bought a stake in DAZN, the official broadcaster of the Club World Cup.

“PIF is creating a legacy of transformative impact in sports including through its partnerships, delivering positive and lasting results at every level, from players and fans to host communities,” PIF’s head of corporate brand Mohammed Alsayyad said.

“We are unlocking opportunities to drive the growth of the sport around the world,” he added.