KSAsportz report
RIYADH — In a significant development for Saudi sports, Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, is on the verge of completing a historic acquisition of the storied football club Al Hilal. Sources close to the negotiations indicate that an official announcement could be made prior to the close of December.
These sources reveal that discussions have been in progress for nearly one year, with only minor details left to finalize before Prince Alwaleed secures full ownership of the club. If achieved, this transaction will mark an unprecedented milestone in Saudi sports history, representing the first complete private acquisition of one of the Kingdom’s top football clubs following the launch of Saudi Arabia’s ambitious sports privatization program.
Slow Progress for Other Club Privatizations
Meanwhile, the privatization journey for other clubs appears to be progressing at a slower pace. Al Ittihad, which is currently owned by the Public Investment Fund (PIF), is not expected to transition out of government ownership anytime soon, as ongoing negotiations with several potential investors could take an estimated three additional months to resolve.
Al Nassr and Al Ahli are experiencing similar delays, with no immediate breakthroughs reported. Furthermore, discussions regarding the privatization of Al Shabab and Al Ettifaq remain stagnant, as offers have yet to advance significantly; talks may extend into late 2024.
Background to the Al Hilal Negotiations
The potential acquisition of Al Hilal follows reports from September, where Bloomberg noted that Prince Alwaleed was in negotiations with the PIF to purchase its 75% stake in the club. The remaining 25% stake is believed to belong to a Saudi non-profit organization, predominantly funded by Prince Alwaleed himself.
Located in Riyadh, Al Hilal is recognized as one of Saudi Arabia’s most successful football clubs, boasting an impressive portfolio of numerous domestic titles and continental trophies. It stands as one of four major clubs where PIF currently holds ownership stakes.