Saudi Public Investment Fund divests majority ownership in Al Hilal
The Saudi Public Investment Fund (PIF) has divested a 70% interest in Saudi Pro League club Al Hilal to Kingdom Holding Company, which is led by billionaire entrepreneur and member of the Saudi royal family, Prince Alwaleed Bin Talal, as announced by the PIF on Thursday.
This transaction values Al Hilal, a club that has secured a record 21 Saudi league championships, at 1.4 billion Saudi riyals ($373.20 million).
Bin Talal previously financed the entire cost of Karim Benzema’s transfer from Al Ittihad in January.
“Al Hilal represents a national emblem and a source of pride for the Saudi populace,” Bin Talal remarked. “This acquisition reflects our strong conviction in the role of sports as a unifying element and a driver for national progress.”
“By implementing our global investment criteria and fostering strategic alliances, we aim to realize Al Hilal’s complete potential while maintaining its legacy and identity.”
The PIF, which acquired a majority stake in English Premier League club Newcastle United in 2021, obtained controlling shares in four prominent Saudi clubsβAl Hilal, Al Ittihad, Al Nassr, and Al Ahliβin 2023.
“PIF has established ambitious objectives for the clubs, empowering them to achieve commercial and professional success and attain long-term financial viability,” stated Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF.
“Today’s announcement is in line with PIF’s strategy to optimize returns and reinvest capital within the domestic economy.”
The announcement on Thursday arrives amid speculation that the PIF may be considering withdrawing its financial support for LIV Golf.
LIV Golf CEO Scott O’Neil informed staff in an email on Wednesday that the season will proceed “as planned, uninterrupted and at full throttle.”
The email, which was acquired by ESPN, did not specifically address the rumors regarding PIF potentially ceasing its investments in the breakaway league after spending over $5 billion since its launch in 2022, nor did it clarify whether the league will continue its competitions beyond this season.
Information from ESPN’s Mark Schlabach contributed to this report.
