A historic sale, but still within the family: the Saudi sovereign fund Public Investment Fund (PIF) has sold a majority stake inAl-Hilal, marking a significant shift in the country’s football landscape. According to various reports, the PIF has sold 70% of the company to Kingdom Holding Company, a group led by Prince Alwaleed Bin Talal – a member of the royal family. The transaction involves a total value of approximately 1.4 billion Saudi riyals, equivalent to about 373 million dollars (316 million euros at the current exchange rate).
Currently second in the Saudi Pro League, Al-Hilal represents one of the most prestigious realities in Saudi and Asian football. The club boasts 19 national titles, six of which were won since 2017, and in recent years has been one of the protagonists of major investments in the market: among the standout names in the squad coached by Simone Inzaghi are those of Karim Benzema, who arrived in the winter transfer window, the Uruguayan striker Darwin Núñez, the Portuguese midfielder Rúben Neves , and the Senegalese defender Kalidou Koulibaly. In 2023, Neymar also arrived (who has since moved to Santos), Milinkovic-Savic, goalkeeper Bounou, and Malcom (all still on the roster). On the management front, in recent months there has also been speculation about a possible arrival of Richard Hughes as sporting director – the same role he currently holds at Liverpool.
Al Hilal was one of four clubs in the Saudi Pro League that, in 2023, came under the control of the PIF – the others were Al-Nassr, Al-Ahli , and Al-Ittihad. The sale fits into a broader context of reviewing the fund’s strategies, already in the spotlight for the possible downsizing of investments in the LIV Golf. The problem with the golf tour was due to the enormous losses generated in the first four years since its founding, so one thing is clear: even in Saudi Arabia, they are starting to do the math. Not surprisingly, in recent days the PIF has approved a new five-year strategic plan, primarily aimed at internal development of the country. In an official statement, the fund’s deputy governor, Yazeed A. Al-Humied, emphasized the role of the PIF in strengthening the Saudi sports sector, highlighting the goal of making clubs sustainable both economically and sportively.
In this context, Al-Hilal has been defined as “a national symbol” and the intention to enhance its potential through investments and strategic partnerships, while respecting its historical identity, has been reaffirmed. The PIF, perhaps a bit tired of having such a large number of clubs or sports circuits in its portfolio, is facing a clear change of identity. After the almost serial accumulation of players, it may now be time to build something different.