Saudi PIF sell Al-Hilal in another drastic change to sporting portfolio

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.