On a sunny winter afternoon at Lusail Stadium in 2022, Saudi Arabia pulled off one of the biggest upsets in football history. 

Down a goal at half-time, the Green Falcons struck twice early in the second half to take a 2-1 lead over eventual champions Argentina. 

The result washed away World Cup humiliations from previous tournaments.

No longer was anyone talking about the 5-0 drubbing at the hands of Russia in the 2018 opener or the 8-0 loss to Germany in 2002.

Instead, the world was talking about the team's passionate supporters and the country's football culture. 

At the conclusion of the tournament, the Saudi Pro League (SPL) seized on the momentum, with Al-Nassr securing the signature of Cristiano Ronaldo.

Six months later, the country's sovereign wealth fund, the Public Investment Fund (PIF), took stakes in the country's four biggest clubs and began underwriting the acquisition of several star footballers.

'It has only been a couple of years [since PIF invested], but maybe we will see a jump by the time we host the World Cup'

Three years after the influx of cash, Saudi football has been transformed.

SPL clubs dominate Asian club competitions, and the starting line-ups of the biggest clubs contain some of the biggest names in world football.

Riyadh's Al-Hilal showed how far the league had come with a 4-3 upset against Manchester City in the Round of 16 of the Club World Cup.

For all the success and notoriety of the league, there has yet to be any noticeable improvement in the performance of the national team.

"It is great that we have some of the best players and coaches now in Saudi Arabia. It has only been a couple of years [since PIF invested], but maybe we will see a jump by the time we host the World Cup," Nasser Khalfan, an Al-Hilal supporter planning to attend the team's matches in the US this summer, told MEE.

In many ways, that famous 2-1 win over Argentina papered over the cracks in Saudi football. 

Increasing the foreign player quota from five to 10 only deepened the crisis, as teams are required to have just three Saudis on the pitch at any given time.

The disconnect between investment in the league and the performance of the national team has many comparing the situation to China a decade ago. 

Spending in China peaked in the winter of 2017, when the Chinese Super League outspent the Premier League in the transfer market and total spending exceeded €1bn.

The project failed to improve the level of the national team and has since been abandoned in favour of sustainability. China has introduced a salary cap of 600 million yuan (€76m) covering all football operations, while limiting salaries for domestic and foreign players.

To avert a similar financial crisis, the PIF has solicited outside investment. 

A 70 percent stake in Al-Hilal has been sold to Prince Al-Waleed bin Talal, while Al-Riyadh, Abha, Al-Fateh, Al-Tai and Al-Shoulla are for sale to private investors as the state seeks to minimise its exposure to risk. 

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