Saudi Pro League club Al-Hilal has been sold by the country’s Public Investment Fund (PIF) in the latest drastic change to its sporting portfolio.
The PIF has sold 70 percent of the club to Kingdom Holding Company, the firm run by Prince Alwaleed bin Talal, a billionaire businessman and member of the Saudi royal family. The deal values the share capital of Al-Hilal at 1.4bn Saudi riyals (£276.1m).
The sale comes amid scrutiny over the PIF’s investment in LIV Golf, with the Saudi sovereign wealth fund set to pull its funding for the rebel golf league after just four years, having pumped more than $5bn into the project in a bid to overthrow the sport.
“Al-Hilal is a national symbol and a source of pride for the Saudi people,” Bin Talal said in a press release. “This acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development.
“By applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilal’s full potential while preserving its history and identity.”
Al-Hilal were one of four state-owned Saudi clubs, with the PIF also owning Cristiano Ronaldo’s Al-Nassr as well as Al-Ahli and Al-Ittihad.
The PIF had been the principal shareholder of the club since July 2023 as part of a wider initiative aimed at accelerating the development of sports clubs and boosting the sports sector’s contribution to the Kingdom’s gross domestic product.
Their takeover coincided with a raid on some of European football’s biggest names, with Al-Hilal signing Neymar while the likes of Karim Benzema, Sadio Mane and Riyadh Mahrez also moved to the SPL. Benzema, the 2022 Ballon d’Or winner, has since swapped Al-Ittihad for Al-Hilal, moving in January.
The most successful Saudi club in history, Al-Hilal have been top-flight champions 19 times, including six titles since 2017, but find themselves chasing in second in the SPL on 68 points from 28 games this term, eight points off Al-Nassr with a game in hand.
The PIF has also invested heavily in several other major sports in recent years as well as entertainment and tourism projects, with boxing powerbroker Turki Alalshikh staging several major fights in Saudi Arabia.
But amid the Iran conflict, it is suggested the PIF is reassessing its financial priorities, hence the decision to abandon LIV Golf which has reportedly lost billions over the years.
Saudi Arabia’s crown prince and PIF chairman Mohammed bin Salman approved a five-year strategic plan on Wednesday that focused primarily on domestic objectives, with a press release reiterating the aim to “maximise returns and redeploy capital within the domestic economy”.
Completion of Al-Hilal’s sale is subject to meeting certain conditions and receiving the necessary regulatory approvals as outlined in the agreement.
