Riyadh (Saudi Arabia) (AFP) – Saudi Arabia’s sovereign wealth fund announced Thursday the sale of its majority stake in Saudi Pro League football club Al-Hilal, where French striker Karim Benzema plays. The PIF, which also owns English Premier League side Newcastle United, sold 70 percent of Al-Hilal to Kingdom Holding Company (KHC), 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 ($373m).
The sale comes amid scrutiny over the PIF’s investment in LIV Golf, with reports circulated that the breakaway tour is on the verge of collapse due to the possible withdrawal of Saudi Arabian financing. “Al-Hilal is a national symbol and a source of pride for the Saudi people,” Bin Talal said in a statement. “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.”
The PIF, a wealthy public fund managed by Crown Prince Mohammed bin Salman, acquired a majority stake in the Riyadh-based club in 2023, along with three other teams in the Saudi league — Cristiano Ronaldo’s Al-Nassr, Al-Ahli and Al-Ittihad — as part of the kingdom’s sports investment policy. This capital injection enabled Al-Hilal to attract numerous foreign players, notably Brazilian star Neymar, before his departure in January 2025. French striker Benzema joined Al-Hilal most recently after terminating his contract with Al-Ittihad.
“The sale aligns with PIF’s strategy to maximize returns and redeploy capital within the domestic economy,” the PIF statement read. “This strategy supports PIF’s wider efforts to drive the development and diversification of Saudi Arabia. PIF is unlocking opportunities to make a transformative impact in the Saudi sports sector and deliver positive, long-term results.” The PIF added that it had “led the transformation of Al-Hilal…empowering it to achieve significant growth in value.” As a remaining shareholder, PIF will continue supporting Al-Hilal’s growth journey.
© 2024 AFP
