Saudi Arabia’s football project has already moved through several phases. One of the more interesting developments has been the arrival of foreign capital. Just over a year ago, for instance, Harburg acquired a stake in Al-Khoolod, making it the first Saudi Pro League club to come under entirely foreign ownership. Now the kingdom’s four biggest clubs – Al-Hilal, Al-Ittihad, Al-Ahli and Al-Nassr – are attracting interest from overseas investors, particularly in the United States.
The latest developments concern Al-Ittihad, the Jeddah club that has won the domestic title ten times, lifted the Asian Champions League in 2004 and 2005, and claimed the Saudi Pro League in 2023 and 2025. Benzema, Fabinho, Diaby, Kanté and Aouar have all been part of that recent history. According to Arriyadiyah, three investment groups are now competing to acquire a stake in the club, with substantial sums involved. The most prominent name is the Glazer family, the American owners of Manchester United for more than two decades, reportedly working alongside businessman Wael Jamjoum. Two other consortia are also in the running. One brings together Sidra Capital and BlueFive Capital and is understood to have submitted the highest offer.
The change is already under way elsewhere. In 2023, PIF acquired 75 per cent of the shares in Al-Hilal, Al-Ittihad, Al-Ahli and Al-Nassr, leaving the remaining stakes with their supporters’ committees. Now the fund’s hold over the four clubs is beginning to loosen. A few weeks ago, reports emerged that RedBird Capital, the investment firm with a controlling stake in Milan, was considering an investment in Al-Nassr, Cristiano Ronaldo’s club. Al-Hilal has already moved beyond the PIF structure. Still owned by Saudi prince Alwaleed bin Talal, the club where Simone Inzaghi is in charge is no longer under the fund’s control. The four clubs are beginning to find their own way, with outside investors increasingly part of the picture.