Al Hilal majority ownership changes hands in 840m Saudi riyal deal

Kingdom Holding has formally completed its acquisition of a 70% stake in Al Hilal, after paying 840m Saudi riyals (£168m) to the Public Investment Fund (PIF).

The transaction was finalised on Tuesday, 1 September 2026, after all regulatory and internal conditions were met, the full purchase price was paid and the necessary approvals and no-objection confirmations had been secured.

Al Hilal announced the completion of the deal in an official statement, confirming that Kingdom Holding had acquired the majority shareholding in the Saudi club.

Kingdom Holding, chaired by Prince Alwaleed bin Talal, also disclosed the completion through the Saudi Exchange, known as Tadawul. The company said the closing requirements set out in the share sale and purchase agreement had been fulfilled.

PIF retains the remaining 30% stake in Al Hilal Club Company.

The deal was based on an equity valuation of 1.2bn Saudi riyals for the club company, representing 100% of its total shareholders’ equity. Kingdom Holding’s 70% holding was therefore valued at 840m riyals.

Kingdom Holding said the consideration was unchanged from the figure announced previously and that developments leading to completion had not created any additional transaction costs.

The company signed the share sale and purchase agreement with PIF on 16 April 2026. The closing process was completed around four and a half months later.

At the time the agreement was announced, Al Hilal’s total enterprise value was estimated at about 1.4bn riyals, while its equity value was set at 1.2bn riyals.

Enterprise value measures the worth of a company’s overall business operations, while equity value represents the value attributable to its shareholders. It was the latter figure that was used to calculate the 840m riyal price for the 70% stake.

PIF became Al Hilal’s main shareholder in July 2023 as part of Saudi Arabia’s sports clubs investment and privatisation project. The initiative also included Al Ittihad, Al Ahli and Al Nassr.

When the sale agreement was announced, PIF said the transaction was consistent with its strategy of maximising returns and recycling capital into the Saudi economy. It also said the deal would support sustainable development and economic diversification, create transformative opportunities in the sports sector and contribute to its growth.

The fund added that Kingdom Holding’s investment demonstrated its ability to identify promising opportunities and create sustainable value for shareholders and the national economy. It said the move also aligned with the company’s plan to diversify into vital sectors with economic and social impact.

Under the agreement, Kingdom Holding will support Al Hilal Club Company in improving its commercial performance, expanding international partnerships and continuing to develop sporting infrastructure in line with global standards.

Prince Alwaleed bin Talal said in April, when the agreement was announced, that Al Hilal was “a national symbol and a source of pride and honour”. He described the acquisition as evidence of Kingdom Holding’s belief in sport’s role as a force for economic and social development.

Yazid bin Abdulrahman Al-Humaid, head of PIF’s Middle East and North Africa investments, said the fund was proud to have contributed to the transformation of Saudi sport and to making the sector more attractive to investors.

He added that PIF had set ambitious objectives for the future of the clubs, seeking to help them achieve sporting and commercial success while strengthening their long-term financial sustainability.