Saudi PIF takes 75% stakes in four major football clubs

On 9 June 2023, Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, took a 75% ownership stake in four of the kingdom's biggest football clubs: Al-Ittihad, Al-Nassr, Al-Hilal and Al-Ahli.

The move was part of a sports privatisation programme, under which the state sought to hand clubs over to investors and companies and to run them on commercial lines. The four clubs were chosen as the most prominent in the Saudi Pro League, and the transfer came as the league was starting to sign major international players.

The step mattered because it put the clubs under the control of the fund that already owned Newcastle United in England and chaired by Crown Prince Mohammed bin Salman. It also marked a shift from the older model of state support and donations from wealthy patrons. The remaining shares were intended to be offered to private buyers over time, which is why the clubs' ownership has remained a topic of later bidding interest.