April 17 – The Saudi Public Investment Fund (PIF) has sold a 70% stake in Al Hilal to Kingdom Holding Company, run by Prince Alwaleed Bin Talal, who was ‘imprisoned’ in the 2017 purge.
In a statement, Bin Talal said: “Al Hilal is a national symbol and a source of pride for the Saudi people. 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.”
In 2017, Saudi Crown Prince Mohammed bin Salman locked up princes, ministers and top businessmen at the Ritz-Carlton in a purge of his political opponents. They stood accused of corruption, their planes grounded and their assets seized. Prince Alwaleed Bin Talal, an investor in Twitter and Citigroup, was among those detained.
Bin Talal has now come to PIF’s help as the fund seeks to move away from loss-making entities. Earlier this week, the Financial Times reported PIF’s potential withdrawal from Liv Golf. PIF’s new strategy for 2026-2030, released on Wednesday, will focus on profitable properties and investments at home.
No value was given for the Al Hilal share sale, though as principal shareholder Bin Talal will pick up any required club funding going forward.
In 2023, PIF acquired controlling stakes in Al Hilal, Al Ittihad, Al Nassr and Al Ahli, as it set about resetting club structures and enabling the Saudi Pro League to grow..
“PIF has set ambitious goals for the clubs, enabling them to become successful commercially and professionally and achieve long-term financial sustainability,” Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF, said in a statement. “Today’s announcement aligns with PIF’s strategy to maximize returns and redeploy capital within the domestic economy.”
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