Saudi Arabia decides to withdraw from 2030 World Cup

Saudi Arabia is reportedly shelving its 2030 World Cup bid and letting Europe host the tournament.

The Saudis were the leading party in a joint bid for the tournament along with Egypt and Greece, The Sun reports.

Egypt, however, announced their withdrawal from the joint bid to host the competition in April.

And according to reports, the Saudis are set to follow the Egyptian's suit.

Greek newspaper Kathimerini claims Saudi footie chiefs recently "discussed" pulling the plug on their joint bid with Greece.

They claim the Saudis opted to withdraw from the bid because they believe it's "the turn of Europe for hosting soccer’s prime international competition".

The initial joint bid for the World Cup - which is seemingly dead in the water - came to light earlier this year.

Mohammed bin Salman Al Saud - the Crown Prince and Prime Minister of Saudi Arabia - reportedly promised the Greeks that they would foot the bill for the required stadiums if they joined their bid.

It's claimed the agreement would see Saudi host "75 per cent" of the tournament's matches.

The proposal was initially discussed by MBS and Greece's former Prime Minister Kyriakos Mitstotakis.

News of Saudi's plans to scrap their joint World Cup bid comes after their recent splurge in the transfer market.

Several clubs - which are owned by the state's Public Investment Fund - have spent big money bringing high-profile players to the Kingdom.

Al-Nassr forked out an astronomical amount of cash to secure the services of five-time Ballon d'Or winner Cristiano Ronaldo in December.

Al-Ittihad, who are also owned by PIF, has just recently completed a deal for former Chelsea midfielder N'Golo Kante - which will see the Frenchman earn a jaw-dropping £86 million a year.

Al-Ittihad's capturing of Kante comes just weeks after they signed former Real Madrid hitman Karim Benzema.

Benzema has inked a three-year deal at the King Abdullah Sport City Stadium which will reportedly see him pocket a gargantuan £172m a year.