Kingdom Holding snaps up 70% of Al Hilal

The last sports play by the Public Investment Fund is here. Kingdom Holding Company (KHC) is snapping up 70% of Al Hilal Club Company’s capital in a binding agreement with the PIF.

How much are we talking? KHC will pay SAR 840 mn, valuing the club’s equity at SAR 1.2 bn and its enterprise value at SAR 1.4 bn, the company said in a disclosure.

This was in the works for a while: News of the negotiations first broke out in September 2025, with KHC Chairman Prince Alwaleed bin Talal said to be gunning for 75% of the club at a higher valuation of some SAR 2 bn.

The context

The fund is moving on from its investment in the top SPL club after it “helped drive the efforts to transform Saudi Arabia’s sports sector and increase its value proposition for investors,” said Head of MENA Investments Yazeed Al Humied in the statement.

REMEMBER- The PIF took control of Al Ittihad, Al Ahli, Al Nassr, and Al Hilal in June 2023 and shored up spending on transfers, eyeing privatization at a later stage.

Al Hilal has been the star of the pack: The club reported total revenues of USD 340 mn (SAR 1.27 bn) for the 2024-2025 season, the highest figure ever for a Saudi sports organization. Sponsorship and partnership revenues went up by 16.5% compared to the previous season following the club’s victory against Manchester City in the Fifa Club World Cup.

Why it matters for KHC: The numbers suggest Al Hilal is already a well-oiled machine that won’t require big spending to start yielding returns..

Who’s next? Negotiations for an Al Ittihad buyout are reportedly in early stages with a flurry of interested investors, including b’naire brothers Abdullah and Mohiuddin Saleh Kamel, Asharq Al Awsat reported back in December. The same goes for Al Nassr and Al Ahli, with nothing expected to be finalized soon.