Kingdom Holding Company, owned by billionaire businessman Prince Al Waleed bin Talal, has signed a binding agreement to acquire a 70% stake in Saudi Pro League soccer club Al Hilal, Saudi Arabia’s Public Investment Fund (PIF) said on Thursday.
The deal values the share capital of Al Hilal at 1.4 billion Saudi riyals ($373.20 million). The agreement supports the PIF’s strategy of maximising returns while recycling capital back into the local economy.
Since July 2023, the PIF has been the principal shareholder in Al Hilal as part of a wider initiative aimed at accelerating the development of sports clubs and boosting the sports sector’s contribution to the Kingdom’s gross domestic product.
Prince Al Waleed bin Talal said: “Al Hilal Club represents a national symbol and a source of pride. Our acquisition reflects our deep belief in the role of sport as a developmental force for both the economy and society.”
Al Hilal, who have been top-flight champions 19 times, are second in the Saudi Pro League on 68 points from 28 games, eight points off Al Nassr with a match in hand.
Completion of the transaction is subject to meeting certain conditions and receiving the necessary regulatory approvals as outlined in the agreement.
Source: Reuters.com