No. 13 Minnesota Eliminates No. 4 UCLA To Join Oklahoma In Final Four
Minnesota takes down UCLA to join Oklahoma in NCAA Gymnastics Final Four!
Al-Hilal has been sold by Saudi Arabia's Public Investment Fund to Kingdom Holding Company, which is led by Prince Alwaleed bin Talal. The sale values the club at 1.4 billion Saudi riyals (ÂŁ276.1m).
Mentioned in this story
Al-Hilal have been sold by the Saudi PIF (Getty)
Saudi Pro League club Al-Hilal has been sold by the countryâs Public Investment Fund (PIF) in the latest drastic change to its sporting portfolio.
The PIF has sold 70 percent of the club to Kingdom Holding Company, 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 (ÂŁ276.1m).
The sale comes amid scrutiny over the PIFâs investment in LIV Golf, with the Saudi sovereign wealth fund set to pull its funding for the rebel golf league after just four years, having pumped more than $5bn into the project in a bid to overthrow the sport.
âAl-Hilal is a national symbol and a source of pride for the Saudi people,â Bin Talal said in a press release. âThis acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development.
âBy applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilalâs full potential while preserving its history and identity.â
Al-Hilal were one of four state-owned Saudi clubs, with the PIF also owning Cristiano Ronaldoâs Al-Nassr as well as Al-Ahli and Al-Ittihad.
The PIF had been the principal shareholder of the club since July 2023 as part of a wider initiative aimed at accelerating the development of âsports clubs and boosting the âsports sectorâs contribution to the Kingdomâs gross domestic product.
Their takeover coincided with a raid on some of European footballâs biggest names, with Al-Hilal signing Neymar while the likes of Karim Benzema, Sadio Mane and Riyadh Mahrez also moved to the SPL. Benzema, the 2022 Ballon dâOr winner, has since swapped Al-Ittihad for Al-Hilal, moving in January.
The sale is part of a drastic change to the PIF's sporting portfolio amid scrutiny over its investments, including LIV Golf.
Al-Hilal was purchased by Kingdom Holding Company, run by billionaire Prince Alwaleed bin Talal.
The sale values Al-Hilal at 1.4 billion Saudi riyals, equivalent to approximately ÂŁ276.1 million.
Minnesota takes down UCLA to join Oklahoma in NCAA Gymnastics Final Four!
Hunter Goodman powers Rockies to a 3-2 win over Astros, ending a six-game skid.
Steve Kerr praises Stephen Curry's incredible performance against the Clippers
Padres beat Mariners 5-2, marking their eighth straight win!
See every story in Sports â including breaking news and analysis.
Karim Benzema is one of Al-Hilalâs top stars (Getty)
The most successful Saudi club in history, Al-Hilal have been top-flight champions 19 times, including six titles since 2017, but find themselves chasing in second âin the SPL on â68 points from 28 games this term, eight âpoints off Al-Nassr â with a game in hand.
The PIF has also invested heavily in several other major sports in recent years as well as entertainment and tourism projects, with boxing powerbroker Turki Alalshikh staging several major fights in Saudi Arabia.
But amid the Iran conflict, it is suggested the PIF is reassessing its financial priorities, hence the decision to abandon LIV Golf which has reportedly lost billions over the years.
Saudi Arabiaâs crown prince and PIF chairman Mohammed bin Salman approved a five-year strategic plan on Wednesday that focused primarily on domestic objectives, with a press release reiterating the aim to âmaximise returns and redeploy capital within the domestic economyâ.
Completion of Al-Hilalâs sale is subject to meeting certain conditions and receiving âthe necessary âregulatory approvals as outlined âin the agreement.