RIYADH, Saudi Arabia (AP) – A Saudi sovereign wealth fund has sold a majority stake in one of the country’s top soccer teams. Al Hilal.
The Public Investment Fund announced it would sell a 70% stake in the record 21-time Saudi soccer champions to Kingdom Holding Company, a company controlled by Prince Alwaleed bin Talal, a member of the Saudi royal family.
Al Hilal was one of four clubs in the Saudi Professional League managed by PIF. The rest is Al Nasr. Cristiano Ronaldo Like Al-Ittihad and Al-Ahly, it also performs theater. In soccer, PIF also Acquires majority stake in Newcastle in the English Premier League.
The investment fund said in a statement Thursday that the sale of Al Hilal is “consistent with PIF’s strategy to maximize profits and reallocate capital within the domestic economy” in a broader effort to promote “the development and diversification of Saudi Arabia.”
“PIF is pioneering opportunities to have a transformative impact on the Saudi sports sector and deliver positive long-term results.”
The agreement was announced the same week amid speculation that PIF was on the brink of cutting financial support for the divisive upstart LIV Golf Competitions.
Following reports that PIF would be withdrawing from LIV, the competition’s CEO said in a memo to staff, a copy of which was sent to The Associated Press: The 2026 season will go ahead. “Exactly as planned, without interruption and at full throttle.”However, the situation beyond 2026 remains uncertain.
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AP Soccer: https://apnews.com/hub/soccer
