Saudi Arabia announces plan to privatise clubs and sell PIF stakes

In March 2023, Saudi authorities announced a programme to privatise the country's sports clubs. The aim was to bring in private investors, widen commercial income and make clubs less dependent on state support, in line with the Vision 2030 plan to diversify the economy.

Under the first phase, the Public Investment Fund (PIF), the kingdom's sovereign wealth fund, was to hold stakes in four of the biggest clubs: Al-Ittihad, Al-Hilal, Al-Nassr and Al-Ahli. The arrangement was presented as a transitional step, with the PIF taking ownership first and then preparing the clubs for eventual sales of its holdings to private buyers.

The announcement mattered because it turned Saudi football from a largely state-supported field into one open to outside capital. It came as the Saudi Pro League was attracting global attention and signing high-profile foreign players. Later bids and talks over buying a stake in Al-Ittihad, one of the four clubs, trace back to this plan.