Al Hilal could be the first top club to move to private hands. Alwaleed Bin Talal is reportedly very close to gaining full control of the club for SAR 7.5 bn that will go into the PIF’s coffers as the current sole owner, unnamed sources told Asharq Al Awsat. An official announcement is expected before the new year, the sources said.

Details are still blurry: It’s not clear whether the b’naire prince is planning to carry out the transaction through the titan he chairs, Kingdom Holdings Company, or his own private office as a trophy investment.

Our take

For KHC, Al Hilal could be an asset. The soccer club posted some SAR 1 bn in revenue in FY 2023-2024, leading to an SAR 33 mn net income. The numbers suggest Al Hilal is already a well-oiled machine that won’t require KHC to spend big and wait for a return down the road.

Other top clubs might need more time to get their house in order. Negotiations for an Al Ittihad buyout are still early with a flurry of interested investors, including b’naire brothers Abdullah and Mohiuddin Saleh Kamel, Asharq Al Awsat’s sources said. The same goes for Al Nassr and Al Ahli, with nothing expected to be finalized for at least three months.

Background-

The PIF is moving on from building the SPL to leaving room for private investors, after it took control of Al Ittihad, Al Ahli, Al Nassr, and Al Hilal in June 2023 and shored up spending on transfers.

  • Top clubs’ spending — including USD 121 mn from Al Hilal — led the SPL to claim the sixth place globally for total transfer spending during the summer 2025 transfer window with a total of USD 751.5 mn.
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