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The Saudi Arabian Public Investment Fund announced Thursday that it will sell 70% of Al-Hilal soccer club to another Saudi royal holding company, further signaling a shift away from sports for the country’s sovereign wealth fund.
On Wednesday, the PIF announced a new five-year investment strategy that reprioritizes the nearly $1 trillion fund’s spending. The PIF is close to cutting its backing of LIV Golf, the Financial Times first reported.
In 2023, the PIF bought 75% stakes in the four founding clubs of the Saudi Pro League, including Cristiano Ronaldo’s Al-Nassr.
Al-Hilal is perhaps best known on the global stage for signing Karim Benzema and defeating Manchester City in the knockout rounds of the Club World Cup in the U.S. last summer. The club earned about $34 million from tournament prize money.
The club will come under the ownership of Kingdom Holding Company, led by billionaire Saudi Royal Prince Alwaleed Bin Talal, once the deal gets “the required regulatory approvals,” the announcement said. The announcement said the club now has a valuation of about $373 million.
“The sale aligns with PIF’s strategy to maximize returns and redeploy capital within the domestic economy,” the PIF said in a press release.
The PIF has been extremely active in sports over the last decade, launching LIV Golf, purchasing Premier League side Newcastle United, buying the Saudi League teams, and forging close ties with the Women’s Tennis Association and FIFA.
The PIF largely backed the $1 billion purse at the 2025 Club World Cup, and Saudi Arabia is set to host the World Cup in 2034.
LIV Golf begins a tournament in Mexico on Thursday. CEO Scott O’Neil told his company on Wednesday that the 2026 season will go ahead “exactly as planned, uninterrupted and at full throttle.”
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