Al-Hilal Enters New Era of Ownership with Kingdom Holding Company
Al-Hilal, the giant of Riyadh and serial powerhouse of Asian football, has entered a new era of ownership — again.
In a move that reshapes the landscape at the very top of the Saudi game, the Public Investment Fund (PIF) has sold 70 percent of the club to Kingdom Holding Company (KHC), the investment vehicle of Prince Alwaleed bin Talal. The deal values Al-Hilal’s share capital at 1.4 billion Saudi riyals, around $373 million, and hands day-to-day control of one of Asia’s most decorated clubs to one of the kingdom’s most prominent businessmen.
A national symbol, a new custodian
For Prince Alwaleed, this is more than another high-profile asset on the books. He framed the purchase as a matter of identity.
“Al-Hilal is a national symbol and a source of pride for the Saudi people,” he said in a statement, casting the acquisition as both emotional and strategic. He described the move as an expression of “deep belief in the power of sports as a unifying force and a catalyst for national development.”
That language matters. Al-Hilal are not just another club in a rapidly expanding league. They are the benchmark, the reference point, the team against which all others in Saudi Arabia are measured. Taking charge of 70 percent of that institution is a clear signal of intent from KHC.
Prince Alwaleed promised to apply “global investment standards” and build “strategic partnerships” to “unlock Al-Hilal’s full potential while preserving its history and identity.” The message is clear: modernise, monetise, but don’t touch the soul.
PIF steps back — but not away
The PIF, chaired by Crown Prince Mohammed bin Salman, remains a shareholder and insists it is not walking away from the project it kick-started in 2023, when it swept into Saudi football and took majority stakes in four of the country’s biggest clubs: Al-Hilal, Al-Nassr, Al-Ahli and Al-Ittihad.
That intervention ignited a transfer storm. A wave of foreign stars followed the money and the vision. Al-Hilal, supercharged by fresh capital, moved aggressively. Neymar arrived in a headline-grabbing deal before his eventual departure in January 2025. The club’s ambition did not fade with his exit; French striker Karim Benzema, having terminated his contract with Al-Ittihad, became the latest marquee name to switch into Al-Hilal blue.
PIF now frames the sale as a natural next step rather than a retreat.
“The sale aligns with PIF’s strategy to maximize returns and redeploy capital within the domestic economy,” the fund said in its statement. It presented the move as part of a broader mission “to drive the development and diversification of Saudi Arabia” and to “deliver positive, long-term results” across the sports sector.
According to PIF, it has “led the transformation of Al-Hilal… empowering it to achieve significant growth in value.” As a remaining shareholder, it pledged to “continue supporting Al-Hilal’s growth journey.”
Pressure beyond football
The timing of the sale is striking. PIF finds itself under intense international scrutiny over its sporting portfolio, particularly its backing of LIV Golf. Reports have circulated that the breakaway golf tour is on the brink of collapse amid the potential withdrawal of Saudi financing.
Against that backdrop, cashing in on a portion of Al-Hilal looks like both a strategic rebalancing and a political statement: Saudi sport is not slowing down, but it is evolving. The state’s flagship fund is repositioning, recycling capital, and inviting heavyweight domestic investors to take the wheel at key institutions.
For Al-Hilal, the question now is not whether the money will keep flowing, but how it will be used — and how aggressively KHC will push the club’s global profile while guarding the “history and identity” Prince Alwaleed has promised to protect.
The club has already lived through a rapid transformation. Now it must navigate another, with a billionaire prince in control and a powerful sovereign fund still in the background. The next trophies Al-Hilal lift will not just be measured in silver and gold, but in how convincingly they can turn this ownership shuffle into lasting dominance on and off the pitch.
