The Saudi Public Investment Fund (PIF) has divested a 70% ownership stake in Saudi Pro League club Al Hilal to Kingdom Holding Company, led by billionaire and member of the Saudi royal family, Prince Alwaleed Bin Talal, as announced by the PIF on Thursday.
The transaction places a valuation of approximately 1.4 billion Saudi riyals ($373.20 million) on Al Hilal, which boasts a record 21 Saudi league titles.
Prince Alwaleed previously covered the full transfer fee for Karim Benzema‘s move from Al Ittihad in January.
“Al Hilal represents a national emblem and a source of pride for the Saudi people,” Bin Talal remarked. “This investment underscores our profound belief in the role of sports as a unifying force and a catalyst for national progress.”
“By leveraging our global investment standards and fostering strategic partnerships, we aim to unlock Al Hilal’s full potential while honoring its legacy and identity.”
The PIF, which acquired a majority share in English Premier League club Newcastle United in 2021, obtained controlling interests in four prominent Saudi clubs—Al Hilal, Al Ittihad, Al Nassr, and Al Ahli—in 2023.
“PIF has set ambitious targets for these clubs, aiming for them to achieve commercial success, professional excellence, and long-term financial sustainability,” stated Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF.
“Today’s announcement is consistent with PIF’s strategy to maximize returns and reinvest capital in the domestic economy.”
This announcement comes at a time when there are reports suggesting that the PIF may be reconsidering its financial support for LIV Golf.
LIV Golf CEO Scott O’Neil informed staff via email on Wednesday that the upcoming season will proceed “as planned, uninterrupted and at full throttle.”
The email, obtained by ESPN, did not directly address the recent speculation about PIF potentially withdrawing its investments in the league, having already spent over $5 billion since its inception in 2022, nor did it comment on whether the league would continue beyond the current season.
Contributions from ESPN’s Mark Schlabach were included in this report.