Saudi wealth fund sells football club Al-Hilal / Photo: Abdel Ghani BASHIR - AFP/File
-
US pauses construction of border project in Texas national park
-
Discord suspends livestreams in Brazil after teen's suicide
-
Thousands mourn dead black academic in London vigil
-
Tupac Shakur's accused killer was out for 'revenge', jury hears
-
South Africa Test series a lot tougher than a World Cup says All Blacks coach Rennie
-
Netanyahu presses role for US general in Hamas disarmament
-
Coventry sign Nigeria striker Awoniyi from Forest
-
US-Palestinian says 'terrified' as he returns to property besieged by settlers
-
TripleDart tops $7 million ARR with AI-led growth, reports 50 per cent EBIT margin
-
Amboss Opens Affiliate Program: Earn Recurring Bitcoin Commissions by Growing Bitcoin Payments
-
Bipartisan backlash as Trump scales back US-South Korea drills
-
Netanyahu, Kushner discuss US general for Hamas disarmament: Israeli official
-
'Never seen one like it': German pensioners flee wildfire
-
Scottish FA withdraws support for FIFA boss Infantino
-
Ipswich sign Enciso and Ouattara in double raid on Strasbourg
-
Belgium fire halts short of German border, but not 'contained'
-
UN laments 'unacceptable' toll of 350 aid workers killed in 2025
-
Number one Shi suffers shock first-round exit at badminton worlds
-
Former child star actress Hayden Panettiere dead at 36
-
Kolisi and Nche may miss South Africa Test against New Zealand
-
Pakistan captain Babar Azam doubtful for England opener
-
Trump threatens Oman: latest developments in US-Iran war
-
Pentagon inks Tomahawk deal amid reports of missile shortfall
-
Stocks lower as Hormuz concerns and high oil prices persist
-
Rain halts India push after Dinusha century lifts Sri Lanka
-
Crowds turn out for 'Total Eclipse' singer Bonnie Tyler's funeral
-
Dinusha hits century as Sri Lanka post 284 in first India Test
-
Mali jails junta-critic broadcaster, influencer for seven years
-
Stocks steady as investors weigh US rate path
-
'Nowhere to run': Indonesian quake survivors plead for help
-
Taiwan's leader says government to propose record defence spending for 2027
-
Belgium fire makes 'limited' spread overnight, more help on way
-
Cambridge head slams 'feeding frenzy' over dead academic
-
Vingegaard brings curtain down on season
-
Ebola outbreak now DR Congo's deadliest ever
-
Dickwella, Dinusha hit fifties as Sri Lanka fight back
-
Germany's coalition split over putting climate in constitution
-
Bangladesh Test cricket reboot delivers in style with historic win
-
Ukraine badminton star: 'How can you feel normal when bombs are falling?'
-
Virgin moves closer to launching Eurostar rival in 2030
-
Rain brings respite as Belgium wrestles massive wildfire
-
Indian marble waste dump becomes unlikely tourist attraction
-
Most stocks rise as US data ease rate fears but fuel economic worries
-
Coach says Australia 'let standards slip' in shock Bangladesh loss
-
India take control of Galle Test as Sri Lanka slump to 99-5
-
Hawaii recovery efforts begin as Lala downgraded, moves west
-
Australia's mushroom murderer appeals conviction
-
Food safety crackdown snares Mumbai's famed restaurants
-
The Nigerian fishing community being eaten up by the Atlantic
-
Trump says US scaling back military drills with Seoul hours before start
Saudi wealth fund sells football club Al-Hilal
Saudi Arabia's sovereign wealth fund announced Thursday the sale of its majority stake in Saudi Pro League football club Al-Hilal, where French striker Karim Benzema plays.
The PIF, which also owns English Premier League side Newcastle United, sold 70 percent of Al-Hilal to Kingdom Holding Company (KHC), the firm run by Prince Alwaleed bin Talal, a billionaire businessman and member of the Saudi royal family.
The deal values the share capital of Al-Hilal at 1.4bn Saudi riyals ($373m).
The sale comes amid scrutiny over the PIF's investment in LIV Golf, with reports circulated that the breakaway tour is on the verge of collapse due to the possible withdrawal of Saudi Arabian financing.
"Al-Hilal is a national symbol and a source of pride for the Saudi people," Bin Talal said in a statement.
"This acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development.
"By applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilal's full potential while preserving its history and identity."
The PIF, a wealthy public fund managed by Crown Prince Mohammed bin Salman, acquired a majority stake in the Riyadh-based club in 2023, along with three other teams in the Saudi league -- Cristiano Ronaldo's Al-Nassr, Al-Ahli and Al-Ittihad -- as part of the kingdom's sports investment policy.
This capital injection enabled Al-Hilal to attract numerous foreign players, notably Brazilian star Neymar, before his departure in January 2025.
French striker Benzema joined Al-Hilal most recently after terminating his contract with Al-Ittihad.
"The sale aligns with PIF's strategy to maximize returns and redeploy capital within the domestic economy," the PIF statement read.
"This strategy supports PIF's wider efforts to drive the development and diversification of Saudi Arabia.
"PIF is unlocking opportunities to make a transformative impact in the Saudi sports sector and deliver positive, long-term results."
The PIF added that it had "led the transformation of Al-Hilal... empowering it to achieve significant growth in value.
"As a remaining shareholder, PIF will continue supporting Al-Hilal's growth journey."
D.Qudsi--SF-PST