Riyadh, Saudi Arabia – Prince Alwaleed bin Talal announced his acquisition of 70% of Al Hilal Company, in a significant investment move within the Saudi sports sector.
The Public Investment Fund revealed that it had signed a binding share purchase agreement with Kingdom Holding Company, which stipulates that the majority stake in the club will be transferred to the latter.
According to the official statement, the total value of the club (100%) is approximately 1.4 billion Saudi Riyals. The value of the 70% stake in the deal is approximately 980 million Riyals.
Prince Alwaleed bin Talal affirmed that this step reflects his confidence in the growing role of sports, saying: “Al Hilal is a national symbol and a source of pride. Our acquisition of it reflects our belief in the role of sports as a developmental force for the economy and society”.
He added: “Al Hilal represents a unique platform for implementing our global investment standards and building strategic partnerships that contribute to developing the commercial and sporting aspects, while preserving the club’s identity and history”.
This development comes at a time when Al-Hilal bid farewell to the AFC Champions League elite competition from the round of 16, following their loss to Al-Sadd on penalties.
