Saudi Arabia's PIF sells majority stake in Al Hilal

The Saudi Public Investment Fund (PIF) has sold a 70% stake inSaudi Pro LeaguesideAl Hilalto Kingdom Holding Company, the firm run by billionaire businessman and member of the Saudi royal family Prince Alwaleed Bin Talal, the PIF announced on Thursday.

The deal values ​Al Hilal, who have won a record 21 Saudi league titles, at 1.4 ​billion Saudi riyals ($373.20 million).

Bin Talal previously covered the full value ofKarim Benzema's transfer fromAl Ittihadin January.

"Al Hilal is a national symbol and a source of pride for the Saudi people," Bin Talal said. "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, which took a majority stake inEnglish Premier LeaguesideNewcastle Unitedin 2021, bought controlling interests in four leading Saudi clubs -- Al Hilal, Al Ittihad,Al NassrandAl Ahli-- in 2023.

"PIF has set ambitious goals for the clubs, enabling them to become successful commercially and professionally and achieve long-term financial sustainability," Yazeed A. Al-Humied, deputy governor and head of MENA investments at PIF, said in a statement.

"Today's announcement aligns with PIF's strategy to maximize returns and redeploy capital within the domestic economy."

Thursday's announcement comes amid reports that the PIF might be on the verge of pulling its funding for LIV Golf.

LIV Golf CEO Scott O'Neiltold staff in an email Wednesdaythat its season will go on "as planned, uninterrupted and at full throttle."

The email, which was obtained by EasyChamp, didn't directly address reports that PIF might stop investing in the breakaway circuit after spending more than $5 billion since its inception in 2022, or whether the league will continue competitions beyond this season.

Information from EasyChamp's Mark Schlabach contributed to this report.