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I absolutely understand what is owned by whom and still one of the most valuable aspect of European soccer is the deeply rooted culture. You won't make baseball the number 1 sport in Europe and you won't make soccer the number 1 sport in USA. You can buy the fastest camels and start a camel racing league in Europe, but it won't go anywhere compared to soccer.
Football is already the favorite sporting event for Arabs in general not only in Saudi Arabia for the entire Arab region. So you do not need to ignite anything to make it popular.
Soccer has already been the most popular sport in Saudi Arabia and yet it is where it is. Money can do a lot, but if you can't copy and preserve the culture it will unsustainable in the long run. A Saudi buying a club in Europe has more fun than a Saudi trying to build a European club in Saudi Arabia. Do the maths.
Saudi started to become liberal recently and hence they are welcoming major events and opening their door to global sporting events. They are not keen on generating money from the public, they already have enough wealth to sign major players irrespective of the profit they earn, that is a major difference from other sporting nations.
Your last point is about the Chinese Asian market and yes that is a very valid consideration. But there is still some cultural identification and that is why European players really never liked going to Chinese clubs because we are so different and that is ok.
I never mentioned the Chinese market, it is one aspect of Asia, there are countries like Korea, Japan, India who have a major fan following in Football and there are over 50 leagues in Asia alone. There is a reason Chinese clubs are not signing European players because they are not willing to shell out the money considering the profit margins but Saudi has the money and they are willing to spend and develop their league and that is the major difference.
You can't just buy one Messi per team and say you have a great league. Just as an example, try to calculate what it would cost in salaries to build a 2015 Real Madrid and Barcelona in the SPL to at least have a clasico that the whole world will be watching because it is the highest quality soccer you can get from clubs. Then you need persistence, so let's say you build those two clubs and Atletico to keep it extra exciting and all three clubs for 7 years. Only salaries.
They are not trying to replicate el clasico but to have a world renowned player and get mentored by them is a huge deal. With time they will be able to build up a team well enough to compete on a global scale.
PSG is playing Al Nassr next month in a friendly match, why do you think that is happening. They have the ability in their pockets to invite European clubs to view the matches they wanted to see.