RIYADH, Saudi Arabia (AP) 鈥� The Saudi sovereign wealth fund has sold its majority stake in one of the kingdom鈥檚 top soccer teams, .
The Public Investment Fund announced it was selling a 70% stake in the record 21-time Saudi soccer champion to Kingdom Holding Company 鈥� a firm run by Prince Alwaleed bin Talal, a member of Saudi Arabia鈥檚 royal family.
Al-Hilal was one of four Saudi Pro League clubs controlled by PIF. The others are Al-Nassr, where plays, as well as Al-Ittihad and Al-Ahli. In soccer, PIF also has a in the English Premier League.
In a statement on Thursday, the investment fund said the sale of Al-Hilal 鈥渁ligns with PIF鈥檚 strategy to maximize returns and redeploy capital within the domestic economy鈥� in its wider bid to drive 鈥渢he development and diversification of Saudi Arabia.鈥�
鈥淧IF is unlocking opportunities to make a transformative impact in the Saudi sports sector and deliver positive, long-term results.”
The agreement came the same week as speculation about whether PIF was on the brink of cutting its financial backing of the divisive upstart LIV Golf competition.
Following reports that PIF would be pulling out of LIV, the competition CEO said in a memo to his staff 鈥� a copy of which was sent to The Associated Press 鈥� that 鈥渆xactly as planned, uninterrupted and at full throttle.鈥� The situation beyond 2026 remained cloudy, however.
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