Alwaleed’s Kingdom Holding completes Al Hilal purchase as PIF starts bringing in club co-owners

Kingdom Holding finalized its SAR 840 mn acquisition of a 70% stake in Al Hilal from the Public Investment Fund (PIF), the company said in a Tadawul filing. The transaction, first signed in April, closed yesterday after clearing regulatory approvals. The price values the club’s equity at SAR 1.2 bn and its enterprise value at SAR 1.4 bn, with PIF retaining the remaining 30%.

Kingdom Holding ended up paying much less than early negotiations implied: When talks first surfaced in September 2025, Chairman Prince Alwaleed bin Talal was said to be seeking 75% of the club at a valuation of around SAR 2 bn. The final terms — 70% at a SAR 1.2 bn equity value — came in well below that.

Al Hilal is the pick of the litter. It’s the strongest of the four clubs PIF took control of in June 2023, and it reported record revenue of USD 340 mn (SAR 1.27 bn) for the 2024-2025 season, the highest ever for a Saudi sports organization, with sponsorship and partnership income up 16.5% after its Club World Cup victory over Manchester City.

The first of many planned PIF club exits: PIF is moving to sell its Saudi football holdings as it reins in spending across its portfolio, with Al Hilal being the furthest along. The fund took majority stakes in the Saudi Pro League’s Big Four: Al Hilal, Al Nassr, Al Ittihad, and Al Ahli, in 2023, then began courting buyers this year as it pulled back from the wage-heavy spending that lured stars like Cristiano Ronaldo in 2023. Talks over an Al Ittihad buyout were reported to be in early stages late last year, with Al Nassr and Al Ahli expected to follow, though nothing is imminent.