Al Hilal eliminated Manchester City from the Club World Cup in a landmark victory for the Saudi Arabian team, winning a remarkable last-16 game 4-3 in extra time to cap a day of upsets.

The Saudi side have shopped significantly for European stars since the state’s Public Investment Fund (PIF) took control of four teams in the Saudi Pro League in 2023 as part of its global sports push.

Saudi Arabia will host the World Cup in 2034 and the sports investment arm of PIF invested a reported $1billion (£750m) in DAZN, the broadcaster that bought the rights to the Club World Cup for the same amount from FIFA, which in turn has offered an overall prize pot of $1bn for this competition.

Simone Inzaghi’s Al Hilal have now banked a further $13.7m of that fund and could earn more when they face Fluminense back at the Camping World Stadium in Orlando in a quarter-final on Friday.

The game evoked the chaotic Champions League semi-finals contested when Inzaghi was at Inter towards the end of the domestic season, with drama and quality laced throughout.

Al Hilal were furious about City’s opening goal and at first refused to kick off after the ball appeared to strike the right arm of Rayan Ait-Nouri and then the upper-left arm of Ilkay Gundogan before Bernardo Silva bundled it in. Both players appeared to have their arms in a natural position and neither moved their arms towards the ball, but the protests meant it was almost four minutes before the game resumed, with referee Jesus Valenzuela publicly confirming his decision over the stadium PA.

If that was dramatic, the second half was manic, with Marcos Leonardo equalising 41 seconds after the break following a brilliant run by Malcom, who then put Al Hilal 2-1 up on 52 minutes when he ran through from halfway after a superb Joao Cancelo through ball.

Erling Haaland equalised a few minutes later and Malcom was then awarded a penalty, only to be flagged offside. Mohamed Kanno missed a great chance to win it for Al Hilal before substitute Ali Lajami acrobatically cleared Haaland’s 84th-minute header off the line to send the game to extra time.

It was Pep Guardiola’s turn to run onto the pitch to fume at referee Valenzuela after he blew for full time in regular time, despite Jeremy Doku being hacked down driving a dangerous attack.

Guardiola had barely calmed down when Kalidou Koulibaly headed in a corner from another former Premier League player, Ruben Neves, but substitute Phil Foden levelled the game again at 3-3 at the end of the first half of stoppage time.

Ederson produced a brilliant reflex save to keep out a Sergej Milinkovic-Savic header but the ball fell to Leonardo, who bundled in the winner in the 112th minute.

Here, The Athletic’s Jordan Campbell, Mark Carey, Sam Lee and Oliver Kay analyse a remarkable game.

How costly is this exit for Manchester City?

City’s money men had budgeted for a quarter-final appearance at the Club World Cup, so in a financial sense, their surprise elimination at the last-16 stage means they have fallen short of expectations.

City will miss out on $13.7m, leaving Guardiola’s side collecting an estimated $51.7m from the tournament.

On a football side, it is a reality check for a team that has already made big strides forward after struggling last season. There has been a fresh atmosphere around the club thanks to the new signings and backroom staff changes, but those factors could not propel them towards a serious run at the Club World Cup crown and the finances that come with it.

After beating Juventus 5-2 and the first half against Al Hilal, they had been warming up very nicely, but suddenly, they find themselves out. With six weeks to go until the Premier League season starts, the early finish does allow the players a chance to rest up and train properly before the big kick-off. It could be a blessing in disguise but they would have been hoping to win this tournament.

“It has been an incredible journey, we have been so good here,” manager Guardiola said afterwards. “The vibe of the players and the staff has been so good. It’s a pity that we are out. Football is like this. We tried until the end.

“We knew it was a good team with top quality. All of them have been playing in Europe for many years with a lot of quality. Today, we were really, really good in general.”

Sam Lee

How significant is this for Saudi Arabia?

It is hard to gauge the importance of matches at this tournament but this has to be seen as an enormous result and occasion for Al Hilal, Saudi Arabia and Asian football — not to mention a significant boost to the Club World Cup as a competition.

Nobody should imagine that this was Manchester City at the peak of their powers. Guardiola’s side were coming off the back of their worst campaign in years and trying to balance the fitness demands of being between two seasons, but Al Hilal were excellent, producing a disciplined, incisive counter-attacking display that will have delighted Inzaghi, their new coach.

To have a club from the Middle East in the quarter-finals, as well as two from Brazil, can help this tournament grow. Al Hilal are unbeaten in the United States this summer and have been one of the most impressive teams at the tournament.

Beyond that, it was an enthralling game of the type the tournament needs. Following Fluminense’s victory over Inter, this felt like a positive day for the Club World Cup, with the focus on the pitch rather than heat, storms and empty seats.

Oliver Kay

How good were the ex-Premier League players?

City should not have been surprised by what followed when Neves prepared himself to whip in a corner at the start of extra time.

The Portugal international spent years at Wolverhampton Wanderers and City will have had multiple reminders of the technical quality he possesses from dead balls. The player on the end of Neves’s dangerous delivery? Former Chelsea defender Koulibaly, who remains an imposing figure from set plays when making the march upfield from centre-back.

Neves and Koulibaly made the move from the Premier League to the Saudi Pro League in the summer of 2023 during Al Hilal’s spending spree, with the pair becoming mainstays of the side. Six months later, Neves admitted that finances were at the heart of his decision but that he was also keen to build football in Saudi Arabia.

“One of the things is the money,” Neves told BBC Sport. “You cannot hide that. But when we see the project — and I know a lot of people think we say this because just to say it, but it’s not true.”

From the performances both players put in against City — particularly Neves as a central centre-back within Inzaghi’s back five — there is little doubt that their quality remains as high as ever, with their link-up for Al Hilal’s third goal being a timely reminder to Guardiola.

Mark Carey

Why did Al Hilal initially refuse to kick off after City’s opener?

Valenzuela, the referee, pointed to the centre circle and ordered Al Hilal to restart the game, but the Saudi team refused.

They were incensed that the referee had allowed City’s goal to stand after seeing a replay on the screen, which appeared to show the ball hitting Ait-Nouri’s arm, even though it was bent and tucked into his body as he ran onto the ball.

The video assistant referee (VAR) did not instruct Valenzuela to go to the monitor but Al Hilal’s players surrounded him and refused to accept his decision, continuing to argue their case.

Even when he blew his whistle, waved them away and continued pointing to the spot to signal that Bernardo’s goal had stood, two players did not concede and remained in City’s half of the pitch.

This is how it all unfolded.

First, a clipped ball through catches Ait-Nouri on the arm as he runs into the box.

Then, when the ball rebounds from his cross, it strikes Gundogan on his upper arm and is then poked in by Bernardo.

As City celebrated, several Al Hilal players, including Neves, made their case that it should be ruled out for handball.

The referee then appeared to ask whether there had been a handball before the goal.

Just over a minute later, and without being sent to the screen, he signalled for the goal.

Al Hilal’s players are about to restart the game but after a replay is shown over the big screen, they abandon the kick-off and surround the referee, with goalkeeper Yassine Bounou even coming up.

The referee is unmoved and, after more than a minute of protests, announces over the speaker system that his final decision is a goal and points to the centre circle again.

Al Hilal are still not happy but, reluctantly, one minute later, they kick off.

When the cooling break was called after half an hour, several of the players took it upon themselves to question the referee once more.

It was a controversial moment but the referee had not ingratiated himself with either team early on as he allowed several heavy tackles and cynical fouls to go without showing a yellow card.

The officials came out early for the second half, standing in the centre circle for several minutes as they awaited both teams. Perhaps they knew that entering through the tunnel at the same time as Al Hilal would likely cop them another earful.

Jordan Campbell

How good was Phil Foden’s goal?

Foden needed a short break away from the sport after struggling with his mental health last season.

If anyone was wondering how quickly he could turn the page and get back to the goalscoring form he was in two seasons ago, then three goals in four games at this tournament, from just one start, is about as emphatic an answer as he could have delivered.

But his exquisite volley in extra time was his best this summer — and had looked to be his most meaningful.

As the ball fell to him, he watched it fall and guided it across goal from a very tight angle to beat Bounou.

Until then, City had been struggling to find any room as Al Hilal built a royal blue wall in their own penalty area but Rayan Cherki procured an inch-perfect clipped cross to the back post that Foden took on first time.

He was the last sub to be sent on after Guardiola brought on Manuel Akanji, Nathan Ake and Rodri after going 2-1 down in the 52nd minute, and then brought on Omar Marmoush and Cherki at the start of extra time.

It was a terrific way to get his 100th goal for the club but it did not count for as much as he had hoped.

Jordan Campbell

Remember Malcom?

It was a surprise when Malcom was taken off just after the hour mark, possibly as a result of a crunching tackle from Ruben Dias. The Brazilian was comfortably Al Hilal’s most dangerous attacking player, leaving City shell-shocked from a whirlwind start to the second half.

It was his excellent turn and driving run that kickstarted Al Hilal’s attack for the equaliser that stunned City after the break. After laying the ball off to former City wing-back Cancelo, it was Malcom’s follow-up effort that eventually fell to Marcos Leonardo to score with a smart headed finish.

Malcom’s pace and purpose were on show again just minutes later, as Al Hilal’s breakaway goal from a superb Cancelo pass saw him accelerate beyond City’s last man and score coolly past Ederson — running from his own defensive box to the attacking box in a few seconds

Guardiola’s men could not deal with the Brazilian’s pace. Malcom spun in behind once more immediately after City had equalised and Dias clattered into him in the box — but Malcom was inches offside.

It was a performance that the 28-year-old will be delighted with, reminding fans that he still has the quality to compete with Europe’s best. A short-lived stint at Barcelona in 2018-19 ended with a whimper before the Brazilian resurrected his career at Zenit Saint Petersburg and moved to Saudi Arabia in 2023.

His time on the pitch only lasted 60 minutes, but what an hour it was.

Mark Carey

Is Bounou one of the best tournament goalkeepers?

Yassine Bounou likes international tournaments.

Also known as ‘Bono’, the 34-year-old was a crucial member of the Morocco team who got to the semi-finals of the 2022 World Cup in Qatar, with crucial penalty shootout saves against Spain placing him firmly into legendary status for his nation.

Bounou showcased his shot-stopping skills to the world once more, creating his own highlights reel within a single game at times. Without him, City could have been out of sight by half-time, but his flicked efforts over the bar, strong one-v-one saves and palmed efforts wide of the post (illustrated in the graphic below) kept his side in it.

It has been a theme of Bounou’s tournament in the United States, saving a penalty against Real Madrid’s Federico Valverde before keeping back-to-back clean sheets against Red Bull Salzburg and Pachuca during the group stage.

The sample size might be rather small, but he has ‘prevented’ three more goals than he should have based on the quality of shots he has faced, keeping his side in the game (quite literally) single-handedly at times.

While Al Hilal’s financial might has brought several stars to Saudi Arabia in recent years, their understated goalkeeper — also nicknamed ‘the smiling hero’ — is as crucial to Inzaghi as any other outfield player they have on their books.

Mark Carey

What next for Al Hilal?

Friday, July 4: Fluminense, Club World Cup quarter-finals (Atlanta), 3pm ET, 8pm UK

You can sign up to DAZN to watch every FIFA Club World Cup game for free

(Top photo: Megan Briggs/Getty Images)